Crude palm oil futures edged higher to Rs 1,168.90 per 10 kg on April 16 after touching a fresh lifetime high of Rs 1,173 during intraday on the MCX. Malaysian palm oil futures jumped 2.97 percent to settle at 3,920 Ringgits on Bursa Malaysia Bhd.
Crude palm oil traded in the positive territory after a gap-up opening in the evening session.
The agri commodity has been trading higher than 5, 20, 50, 100 and 200-days’ moving averages on a daily chart. The Relative Strength Index (RSI) is at 62.20, which indicates bullish momentum in the prices.
Cargo surveyor AmSpec Agri Malaysia said that Malaysia palm oil exports rose 28 percent on month to 1.3 million tonnes in March.
“MCX CPO April has been sustaining above previous resistance of Rs 1,148-Rs 1,152 levels. We may expect a correction in prices against the current uptrend in the upcoming session and support levels of Rs 1,148 - Rs 1,152 could be tested. On the upside, resistance is at Rs 1,173-1,178 levels”, said Kshtij Purohit, Product Manager Currency & Commodities, CapitalVia Global Research Limited.
In the futures market, Crude Palm Oil (CPO) for April delivery touched an intraday high of Rs 1,173 and an intraday low of Rs 1,163 per 10 kg on MCX. So far in the current series, CPO has touched a low of Rs 883.10 and a high of Rs 1,173.
CPO delivery for April rose Rs 10.50, or 0.91 percent at Rs 1,168.70 per 10 kg at 20:10 hours IST with a business turnover of 4,407 lots.
CPO delivery for May gained Rs 23.10, or 2.08 percent at Rs 1,135 per 10 kg with a business volume of 4,485 lots.
The value of April and May's contracts traded so far is Rs 243.77 crore and Rs 209.49 crore, respectively.
Geojit Financial Services said, “As long as prices stay above Rs 1,150 we could see more upside moves targeting Rs 1,170-1,180 levels.”
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