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Tuesday 10 February 2015

CPO To Trade Sideways Tracking International Markets

   Milan Shah, agri research analyst : CPO January contract is likely to trade sideways for both short term and intra day. Short term support is seen at 445 and resistance at 468.  futures traded on negative note on Tuesday tracking international markets on concerns over high inventory against sluggish export demand for February in Malaysia. The trend is likely to be sideways for CPO Feb contracts. 

                         Short term support is seen at 445 and resistance at 468. Intraday support is seen at 455 and resistance at 462 , Milan Shah added. In the month of Dec 2014, alone India imported 778,815 tonnes of Crude palm oil which is about 9% and 12% increase m-o-m and y-o-y respectively. Palm oils make up 75% of the country's total vegetable oil imports in Dec 14 as per the SEA data released. India meets 60% of its annual vegetable oil demand of 17-18 million tonnes via imports. Indonesia's government has proposed a three-fold increase in its biodiesel subsidies to 5,000 rupiah (40 U.S. cents) per litre from 1,500 rupiah, aimed at protecting the top producer's fledgling biofuel industry against lower crude prices. According to Trade Ministry, Indonesia the crude palm oil export tax for February is kept at zero, unchanged from January. The overseas shipment of Indonesia's crude palm oil (CPO) and its derivative products last year grew 2.5 percent to 21.76 million tons. Thailand plans to import around 50,000 tonnes of crude palm oil from February due to a domestic shortage caused by drought according to the trade sources.


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