CPO yesterday settled down -1.87% at 561.1 as investors took profits after prices rose in last some sessions driven by expectations of hot U. S. weather affecting availability of competing soybean oil. Healthy exports this month points to steady demand for Malaysian palm oil. Shipments in the Aug. 1-25 period rose 7-8 percent compared to a month ago, underpinned by bigger purchases from Europe, China and India. Exports at the end of the month could be marginally higher by 2-4 percent compared to July. Besides, a firming trend in overseas markets on concerns over tighter global oilseed supplies, as a smaller amount of soybeans for crushing into soybean oil could channel demand to competing palm oil also supported the uptrend. Palm oil has rallied so far this week on concerns over tighter global oilseed supplies, as a smaller amount of soybeans for crushing into soybean oil could channel demand to competing palm oil. Cargo surveyor data pointing to healthy export demand for the tropical oil also supported prices. Malaysian palm exports for the Aug. 1-25 period rose as much as 7.5 percent from a month ago, supported by stronger purchases from Europe, China and India. Rising palm exports and potentially lower output in Malaysia, the world's No. 2 palm producer, could help ease end-August stocks. Inventory levels inched up 1 percent to 1.66 million tonnes in end-July from a month ago. Now CPO is getting support at 556.8 and below same could see a test of 552.5 level, And resistance is now likely to be seen at 566.9, a move above could see prices testing 572.7.

Trading Ideas:

CPO trading range for the day is 552.3-572.5.

Crude palm oil ended with losses as investors took profits after prices rose in last some sessions.

Healthy exports this month points to steady demand for Malaysian palm oil.

Exports at the end of the month could be marginally higher by 2-4 percent compared to July.

Crude palm oil prices in spot market dropped by Rs 1.10 and settled at 575.80 rupees.