Crude Palm oil yesterday traded with the negative node and settled -0.38% down at 468 tracking weakness in spot demand and overseas prices as worries about weak exports and a firm ringgit kept investors on the sidelines. Malaysian palm oil exports fell 16.7 percent in the first 10 days of the month from the same period a month ago, weighed by slowing demand from Europe and China, said cargo surveyor Intertek Testing Services. Another surveyor Societe Generale de Surveillance reported a steeper 18.4 percent drop. Malaysian palm oil stocks eased 11.3 percent to 1.93 million tonnes in April, thanks to a combination of stagnant production growth and higher-than-expected exports and local consumption. Market participants are looking ahead to Malaysia's palm exports data for the May 1-15 period due Wednesday to gauge demand. India's palm oil imports declined for a third straight month in April, a trade body said, as refiners in the world's biggest buyer used stocks and processed the new rapeseed harvest. But due to the lower palm oil imports, the total stocks of cooking oil stood at 1.8 million tonnes at the end of April, down 14 percent from the previous month, the SEA data showed. In yesterday's trading session Crude Palm oil has touched the low of 466.3 after opening at 470.1, and finally settled at 468. For today's session market is looking to take support at 466.2, a break below could see a test of 464.3 and where as resistance is now likely to be seen at 470, a move above could see prices testing 471.9.

Trading Ideas:

CPO trading range for the day is 464.33-471.93.

Crude Palm oil dropped tracking weakness in spot demand and overseas prices as worries about weak exports weighed.

Malaysian palm oil exports fell 16.7 percent in the first 10 days of the month from the same period a month ago.

Market participants are looking ahead to Malaysia's palm exports data for the May 1-15 period to gauge demand

Crude palm oil prices in spot market dropped by Rs 1.20 and settled at 470.30 rupees.