Crude Palm oil yesterday traded with the positive node and settled 0.42% up at 555 due to increased buying by speculators on pick-up in demand in the spot market.

Malaysia's palm oil exports during the January 1-20 period augmented by 9.2% to 852,607 tons. In yesterday's trading session Crude Palm oil has touched the low of 552 after opening at 552, and finally settled at 555. For today's session market is looking to take support at 552.8, a break below could see a test of 550.7 and where as resistance is now likely to be seen at 556.3, a move above could see prices testing 557.7.

Trading Ideas:

Crude Palm OIl trading range is 550.5-557.5.

Crude Palm oil gained on pick-up in demand in the spot market

Resistance for crude palm oil is at 556.30 level

Support for crude palm oil is at 552.80 level.

BUY CPO JAN @ 551 SL 548 TGT 554.50-556.80-558.MCX

Crude palm oil in spot market gained 3.50 rupees and settled at 552 rupees.