Crude Palm Oil yesterday traded with the positive node and settled 0.13% up at 471.5 tracking firm in spot demand though upside was limited as lower exports in the first 20 days of the month continued to drag on prices. Traders are counting on a recovery in demand later in the month as buyers stock up ahead of Ramadan, the Muslim holy month that starts early in July, when communal feasting typically drives up consumption. Malaysian palm oil stocks fell to 1.93 million tonnes in April, crossing below the psychological 2-million-tonne mark for the first time since last July, but exports over May 1-20 dropped by as much as 9.4 percent from a month ago as demand from major buyers China and India eased. Traders said stocks could edge even lower in May as production remains stagnant and exports pick up. As per latest release from Cargo Surveyor Intertek Agri Services, Malaysia's palm oil exports during May 1-20 declined by 9.40% from the same period in April to 8 lakh metric tonne. As per latest release from Cargo Surveyor Intertek Agri Services, Malaysia's palm oil exports during May 1-10 declined by 17% from the same period in April to 3.80 lakh metric tonnes. As per latest release from Malaysian Palm Oil Board , Malaysia's April crude palm oil output increased by 3.10% from March to 1.37 million metric tonnes. While April exports declined by 5.60% to 1.45 million metric tonnes. The end-April palm oil stocks declined by 11% to 1.93 million tonnes. In yesterday's trading session Crude Palm oil has touched the low of 467.6 after opening at 469.4, and finally settled at 471.5. For today's session market is looking to take support at 468.8, a break below could see a test of 466.2 and where as resistance is now likely to be seen at 472.9, a move above could see prices testing 474.4.

Trading Ideas:

CPO trading range for the day is 466.17-474.37.

Crude Palm oil gains tracking firm in spot demand though upside was limited as lower exports weighed on prices.

Malaysian palm oil stocks fell to 1.93 million tonnes in April, crossing below the psychological 2-million-tonne

Sources said stocks could edge even lower in May as production remains stagnant and exports pick up.

Crude palm oil prices in spot market dropped by Rs 0.10 and settled at 468.70 rupees.