MUMBAI (commoditiescontrol) - India crude palm oil and refined soy oil futures rose on Monday supported by strong global cues.
U.S soy oil futures gained 0.25 percent during early Asian trade on concern about Argentina soybean crop due to erratic weather, which may disrupt supply.
Malaysian palm oil futures at mid-day close was 1.1 percent higher largely supported by weakness in ringgit coupled with reports of low production, due to subsidizing last year El-Nino dry weather impact.
In addition to it, rupee was lower 0.16 percent which also helped domestic market sentiment. The local currency has been showing weakness as improving U.S economy raised hopes for more interest rate cut in 2017.
In domestic markets, crude palm oil and refined soy oil witnessed profit booking on weak sentiment coupled with concern about demand at higher level.
Crude palm oil most active January contract on the Multi Commodity Exchange (MCX) was up 0.7 percent or Rs 4.1 at Rs 585.5/10kg against previous closing of Rs 581.4 Forward February contract was higher 0.77 percent at Rs 576.5 against Rs 572.1 on previous session.
Refined soy oil February contract on NCDEX was higher 0.25 percent or Rs 1.8 at Rs 717.75/10kg against previous closing of Rs 715.95 while current January contract was trading up 0.13 percent or Rs 0.95 at Rs 727 against previous closing of Rs 726.05
According to CC analyst, crude Palm Oil (CPO) January contract trend is up with resistance is placed at Rs 584-589 and support is seen at Rs 578-573
Refined soy oil February contract trend is down with support is placed at 712-704 while resistance is seen at 720-728
(By Commoditiescontrol Bureau; +91-22-40015516)