Crude Palm Oil on MCX settled down by -0.34% at 588.2 tracking weakness in spot demand amid easing supply worries. However there is expectation that increased import duty will support strong physical buying in domestic market. Palm oil prices in domestic market were further pressurized by higher stockpiles. Data released by Solvent Extractors' Association (SEA) of India showed total stocks of palm oil both at port and pipeline as on Nov 1 stood at 330,000 tons compared to 300,000 tons in the same period a year ago, indicating oversupply woes.
Trading Ideas:
* CPO trading range for the day is 584.3-592.3.
* Crude palm oil ended with losses tracking weakness in spot demand amid easing supply worries.
* However there is expectation that increased import duty will support strong physical buying in domestic market.
* Data showed total stocks of palm oil both at port and pipeline as on Nov 1 stood at 330,000 tons compared to 300,000 tons in the same period.
* Crude palm oil prices in spot market dropped by 2.40 rupees and settled at 591.30 rupees.
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