MCX Crude Palm Oil under short covering Support seen at 623.8

India, Nov. 11 -- Technically Crude Palm Oil market is under short covering as market has witnessed drop in open interest by 7. 59% to settled at 4687 while prices up 11.2 rupees.

Now MCX Crude Palm Oil is getting support at 623.8 and below same could see a test of 616.6 level and resistance is now likely to be seen at 635.1 a move above could see prices testing 639.2.Crude Palm Oil on MCX settled up 1.81% at 631 after the news that total palm oil production in Indonesia and Malaysia is expected be flat next year due to dry weather and low fertiliser application in the world s top two producers of the vegetable oil.Indonesian output is forecast to rise by just 1 million tonnes to 44 million tonnes next year while production in Malaysia is ...