MCX Crude Palm Oil rises as import prices to gain on change in taxable value

MUMBAI (Commodity Online): Crude Palm Oil prices gained in India?s Multi Commodity Exchange (MCX) on reports of higher quantity of imports in December and government decision to fix taxable value of imported edible oil on the basis of international prices every two weeks.

CPO prices at India?s Multi Commodity Exchange (MCX) continues the bullish rally trading around 434-455 Rs/10 kg levels. Crushing of other oilseeds and reduced export supplies of competing vegetable oils did raise the demand for palm oil.

Malaysian CPO (BMD) closed at 2378 ringgits per ton 780-810 $/ton, shows a slight bearish on rising stockpiles of the commodity in Malaysia and largest producer Indonesia. Malaysia has set export tax at 0% for the month of February; hence the high export demand has given a bullish trend in Indian markets.

On Thursday trade, CPO January contract rose to a high of 452.30 Rs/10kg and is expected to trade bullish in the near term. Support is now seen at Rs 430-440 levels and resistance at 445-460, analysts said. On daily charts, MCX CPO January is moderately bullish and RSI of 58.69 signals possibility of further upward movements near term.

Source: http://www.commodityonline.com/futures-trading/market-report/MCX-Crude-Palm-Oil-rises-as-import-prices-to-gain-on-change-in-taxable-value-29354.html

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