CPO yesterday settled up 0.52% at 522.4 as rising exports boosted investor optimism. Malaysian palm oil exports for the Aug. 1-15 period rose 17.7 percent from the same period a month ago to 644,589 tonnes, cargo surveyor Intertek Testing Services said. Another surveyor, Societe Generale de Surveillance, reported an increase of 18.7 percent for the same period. The latest end-stocks report by industry regulator Malaysian Palm Oil Board (MPOB) which indicated July levels were only 1 percent higher than the previous month's despite strong production also supported views for a robust demand. Malaysia, the world's No. 2 palm oil producer has set its crude palm oil export tax for September at 4.5 percent, unchanged since March. Exports of Malaysian palm oil products from July 1 to 25 fell 7 percent to 1,085,392 tons when compared to 1,167,266 tons shipped during June 1 to 25 period, as per industry sources. Indonesia has set export tax for palm oil at 10.5% for August, unchanged from July's 10.5%.India's refined palm oil imports declined 20.7 percent in June to 296, 230 tons from a record high of 373,837 tons in May. Last week, crude palm oil and palm oil prices recorded a weak trend in the global market on speculation that the upcoming palm oil production season may cause to build large palm oil inventories in Malaysia, the world's second largest palm oil producer after Indonesia. Now CPO is getting support at 519.7 and below same could see a test of 517.1 level, And resistance is now likely to be seen at 524.5, a move above could see prices testing 526.7.

Trading Ideas:

CPO trading range for the day is 517.1-526.7.

Crude palm oil ended with gains as rising exports boosted investor optimism.

Malaysian palm oil exports for the Aug. 1-15 period rose 17.7 percent from the same period a month ago to 644,589 tonnes

Another surveyor, Societe Generale de Surveillance, reported an increase of 18.7 percent for the same period.

Crude palm oil prices in spot market gained by Rs 0.90 and settled at 523.40 rupees.