India, April 16 -- Technically Crude Palm Oil market is under short covering as market has witnessed drop in open interest by 3. 02% to settled at 5197 while prices up 18.6 rupees.
Now MCX Crude Palm Oil is getting support at 1149.5 and below same could see a test of 1138.8 levels and resistance is now likely to be seen at 1166.4 a move above could see prices testing 1172.6.
Crude Palm Oil yesterday settled down by 0.17% at 1158.2 as higher-than-expected inventories and production weighed on the market.
The weakness is mainly due to higher crop output and rising inventories in Malaysia and bearish news from the biodiesel market.
Malaysia's end-March palm oil stocks jumped more than expected to a four-month top boosted by higher imports ...