Crude Palm oil yesterday traded with the negative node and settled -0.1% down at 587.5on profit booking amid sluggish demand in the spot market. Malaysian palm oil output fell 14.18% to 1.057 million tonnes in January from 1.232 million tonnes in December. MPOB said the stockpile fell to 1.418 million tonnes, down 12.17% from 1.615 million tonnes in December. In yesterday's trading session Crude Palm oil has touched the low of 585.6 after opening at 588.9, and finally settled at 587.5. For today's session market is looking to take support at 585.5, a break below could see a test of 583.6 and where as resistance is now likely to be seen at 589.5, a move above could see prices testing 591.6.

Trading Ideas:

Crude Palm OIl trading range is 583.5-591.5.

Crude Palm oil ended slightly down on profit booking amid sluggish demand

Resistance for crude palm oil is at 589.50 level

Support for crude palm oil is at 585.50 level.

Crude palm oil in spot market gained by 0.50 rupees and settled at 584 rupees.