NCDEX CRUDE PALM OIL UPDATE

Crude palm Oil settled down by -1.41% at 404.8 due to weakness in domestic and overseas prices. 

Prices of palm oil will be under pressure on demand worries following weak Malaysia palm oil export data. 

However, increasing demand of the edible oil ahead of festival season at the domestic market, capped some losses. 

Top producer Indonesia this week cut its crude palm oil output estimate for next year to 33 million tonnes from an earlier projected 33.5 million tonnes, citing El Nino which could strengthen until December.
Malaysia's crude palm oil output fell in September a data released by the Malaysian Palm Oil Board showed. 

Palm oil output dropped 4.45% to 1.96 million tons in September end compared to 2.05 million tons a month earlier. 

Technically market is under long liquidation as market has witnessed drop in open interest by -14.93% to settled at 1362 while prices down -5.8 rupee, now CPO is getting support at 401.6 and below same could see a test of 398.3 level, And resistance is now likely to be seen at 409.6, a move above could see prices testing 414.3.
Trading Ideas:
CPO trading range for the day is 398.3-414.3.
Crude palm oil prices dropped due to weakness in domestic and overseas prices.
Prices of palm oil will be under pressure on demand worries following weak Malaysia palm oil export data.
Indonesia cuts its crude palm oil output estimate for next year to 33 million tonnes from an earlier projected 33.5 million tonnes.
Crude palm oil prices in spot market dropped by 7.40 rupees and settled at 403.40 rupees.

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