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Crude palm oil futures decline 1.29% to Rs 1,158.80 per 10 kg on tepid demand

The momentum indicator Relative Strength Index is at 49.39 which indicates neutral movement in prices.

Mumbai / April 30, 2021 / 07:13 PM IST

Crude palm oil futures traded weaker at Rs 1,158.80 per 10 kg on April 30 as participants trimmed their positions as seen from open interest. Malaysian palm oil futures declined 1.70 percent to settle at 3,869 Ringgits on Bursa Malaysia Bhd.

Crude palm oil traded in the negative territory after a gap-down opening in the evening session tracking a weak global trend.

The agri commodity has been trading higher than 50, 100 and 200-days’ moving averages but lower than 5 and 20 days’ moving averages on a daily chart for the May series. The momentum indicator Relative Strength Index (RSI) is at 49.39 which indicates neutral movement in the prices.

Malaysian palm oil exports are estimated to be 8.5 percent higher for the period April 1-25 at 1.1 million tons, data from private Cargo Surveyor Amspec Agri showed.