MUMBAI (Commoditiescontrol) - India crude palm oil and refined soy oil futures edged higher on Wednesday supported by short-covering despite sluggish cues.
Edible oil dropped nearly 2 percent on domestic bourses this week, which has prompted some buying interest at the lower level, whereas global edible oil and currency market were flat during early trade today.
U.S soy oil futures was up 0.14 percent during early Asian trade after flat close on previous session.
Malaysia palm oil futures gained 0.3 percent largely supported by near-term tight supply.
However, long-term outlook seen dismal as palm oil production is likely to improve from March and will gather momentum from April-May onwards, according to Oilworld.
At local bourses, crude palm oil most active February contract on the Multi Commodity Exchange Ltd (MCX) was higher 0.56 percent at Rs 568.4/10kg against Rs 565.2 on previous session. The contract so far has traded in range of Rs 567-568.6
Refined soy oil March contract on the National Commodity & Derivatives Exchange Ltd (NCDEX) was up 0.26 percent at Rs 679.75/10kg after trading in range of Rs 672.9-680.8
According to CC analyst, crude Palm Oil (CPO) March contract trend is down with support seen at Rs 552-543 and resistance is placed at Rs 562-571. Refined soy oil March contract trend is down with support at Rs 674-666 while resistance is placed at Rs 683-692.
In another news, cargo surveyor Intertek (ITS) in its report has estimated Malaysian Feb 1-15 palm oil exports was up 1.4 percent against same period last month.
China, the biggest buyer of palm oil import was up 10 percent, while Indian imports rose 35 percent during the same period.
(By Commoditiescontrol Bureau; +91-22-40015516)