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Indian CPO Flat with Weaker Currency

5 Feb 2019 9:04 am
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Mumbai (Commoditiescontrol) — Futures contracts of crude palm oil on the MCX platform were largely unchanged as gains tracking key crude palm oil contracts on Bursa Malaysia Derivatives were partly offset by a weak rupee against the dollar. MCX benchmark contract after making a low of INR 564.7, finally settled at INR 566.7 down by almost 0.4 points from previous session.

Malaysian markets were closed from the afternoon session for the Lunar New Year holiday and will reopen on Thursday.

At global front, Malaysian market gained marginally with expectation of decline in Malaysian palm oil stocks from current high level of 3.2 million tons. As per Malaysian palm analysts survey report, market is expecting stocks to fall up to 3.05 million tons, which would be first shrink in last eight months. Lower stockpiles would certainly provide some cushion to prices along with likely increase in demand from major Asian nations after the conclusion of winter season.

Indian soybean traded red till afternoon with bearish fundamentals amid weak trade in electronic CBOT market, however technical buying and short covering at lower levels pushed the market higher in last one hour of trading.

Moreover, CBOT soybean market moved moderately higher yesterday as traders appear willing to hold out for the next round of much-anticipated USDA supply and demand data, due out Friday morning.

With closure of Asian market on back of Lunar Year celebrations, trade activities are likely to endure on muted note for next couple of days.

(By Commoditiescontrol Bureau)

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