Market Magnify Crude Palm Oil Update
Crude palm Oil on MCX settled down by -0.13% at 535.2 tracking weakness in spot demand and weak international prices. However downside seen limited as supply shortage worries from Indonesia following speculation of returning of el-nino will support prices .
Technically market is under long liquidation as market has witnessed drop in open interest by -6.46% to settled at 2636 while prices down -0.7 rupees, now CPO is getting support at 531.5 and below same could see a test of 527.7 level, And resistance is now likely to be seen at 538.9, a move above could see prices testing 542.5.
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