CPO on MCX settled up 0.2% at 588.9 on demand hope and on supply worries. Prices of the oil were up after Malaysia palm oil exports during Jan 1-10 climbed 8% compared to a month earlier on strong demand from China and Middle East, data showed. Malaysia palm oil exports jumped to 351,907 tons during Jan 1-10 compared to 325,590 tons for the same period a month ago, DowJones reported citing data from Intertek, a private surveyor. Malaysia's CPO output for December month fell by 6.4% to 1.48 million tons compared to 1.57 million tons in November, data showed. India & Subcontinent's palm oil imports from Malaysia during first 25 days of the month climbed by 60.26% to 144,175 tons as compared to 89,960 tons in Nov 1-25. Malaysia and Indonesia raised export tax and weak demand. Indonesia raises export tax to $3 per tons in January 2017 as per the trade ministry. Data published by DowJones citing Intertek, a private surveyor Malaysia's palm oil exports during 1-25 dropped by 5.60% compared to same period a month ago on subdued demand from Middle East. Malaysia palm oil exports slipped to 845,441 tons during Dec 1-25 compared to 895,625 tons for the same period a month ago. Technically market is under fresh buying as market has witnessed gain in open interest by 1.75% to settled at 4892 while prices up 1.2 rupee, now CPO is getting support at 586.5 and below same could see a test of 584.1 level, And resistance is now likely to be seen at 592, a move above could see prices testing 595.1.

Trading Ideas:

CPO trading range for the day is 584.1-595.1.

Crude palm oil prices ended with gains on demand hope and on supply worries.

Malaysia palm oil exports during Jan 1-10 climbed 8% compared to a month earlier on strong demand from China and Middle East, data showed.

India & Subcontinent's palm oil imports from Malaysia during first 25 days of the month climbed by 60.26% to 144,175 tons

Crude palm oil prices in spot market gained by 2.20 rupees and settled at 601.60 rupees.