Crude palm Oil on MCX settled up by 0.58% at 584.8 tracking firmness in spot demand amid supply worries. Prices also seen supported on concerns over flooding due to heavy rain in the east cost of Peninsular Malaysia. Flooding in the eastern coast of Peninsular Malaysia may further hurt production, as it prevents workers from harvesting and hinders transport of fruit to crushing mills. Malaysia palm oil exports slipped by 5.7% to 1.08 million tons during Dec 1-31 compared to 1.15 millions tons for the same period a month ago on subdued demand from Middle East. Palm oil stockpiles in Malaysia likely fell last month for the first time since August as production in the world's second-largest grower dropped by the most in almost a year. Stockpiles fell 2.4% from November to 1.62 million tons, according to the median of eight estimates from planters. India & Subcontinent's palm oil imports from Malaysia during first 25 days of the month climbed by 60.26% to 144,175 tons as compared to 89,960 tons in Nov 1-25. Malaysia and Indonesia raised export tax and weak demand. Indonesia raises export tax to $3 per tons in January 2017 as per the trade ministry. Data published by DowJones citing Intertek, a private surveyor Malaysia's palm oil exports during 1-25 dropped by 5.60% compared to same period a month ago on subdued demand from Middle East. Technically market is under short covering as market has witnessed drop in open interest by -2.95% to settled at 5099 while prices up 3.4 rupee, now CPO is getting support at 583.3 and below same could see a test of 581.8 level, And resistance is now likely to be seen at 586.4, a move above could see prices testing 588.
# CPO trading range for the day is 581.8-588.
# Crude palm oil prices ended with gains tracking firmness in spot demand amid supply worries.
# Prices also seen supported on concerns over flooding due to heavy rain in the east cost of Peninsular Malaysia.
# Malaysia palm oil exports slipped by 5.7% to 1.08 million tons during Dec 1-31 compared to 1.15 millions tons for the same period.
Crude palm oil prices in spot market gained by 0.50 rupees and settled at 593.80 rupees.
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