Crude Palm oil yesterday traded with the positive node and settled 1.2% up at 541.9 amid worries about bad weather in South America and Southeast Asia. The overall movement in risky assets was strong as on better-than-expected US economic data amid holiday mood in world markets. La Nina-driven dry weather in Argentina and Brazil could cause heat stress and sap soybean crop yields. In Asia, heavy rains brought on by the northeast monsoon in peninsular Malaysia and the La Nina are slowing harvesting rounds and disrupting transportation of the cooking oil from refineries to ports. Malaysia's weather office said in an updated advisory that heavy rainfall is expected over the major oil palm growing states of Johor and Pahang until Tuesday. In yesterday's trading session Crude Palm oil has touched the low of 533.7 after opening at 540, and finally settled at 541.9. For today's session market is looking to take support at 535.7, a break below could see a test of 529.5 and where as resistance is now likely to be seen at 546.1, a move above could see prices testing 550.3.
Trading Ideas:
Crude Palm Oil trading range is 529.5-550.3.
Crude palm oil rose amid worries about bad weather in South America and Southeast Asia
La Nina-driven dry weather in Argentina and Brazil could cause heat stress and sap soybean crop yields
Crude palm oil looks to test support at 535.70 and resistance is seen at 546.10 level.
Crude palm oil prices in spot market gained by 7.20 rupees and settled at 539.40 rupees.
Source: http://www.topnews.in/commodity-trading-tips-crude-palm-oil-kediacommodity-2350080
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