Mumbai, 21 Mar (Commoditiescontrol):
Yesterday's Performance:
• Malaysian palm oil showed strength in both the early morning and evening sessions.
• Minor weakness was observed in the afternoon session.
• After snapping two sessions of losses, Malaysian palm oil gained (+1.69%).
• Closed at 4272 with a high of 4300, attributed to strength in rival Dalian palm oil prices.
Fundamental Analysis:
Bets of strong demand in the near term due to ongoing Ramadan fasting month and preparations for the Eid-al Fitr festival. Export growth in March expected to be sustained, with shipments for March 1-15 growing 8.4% from February, according to AmSpec Agri Malaysia.
Technical Analysis:
Today, Malaysian palm oil is up by (0.28%), trading at 4287, indicating continued bullish sentiment. It currently sits above its pivot level of 4257, suggesting upward momentum. Immediate resistance is anticipated at 4315, followed by 4359, indicating potential further upside. Support levels are observed at 4213-4155, which may act as cushions in case of a downturn.
(By Commoditiescontrol Bureau: 09820130172)
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