CPO yesterday settled down -0.08% at 531.5 tracking weakness in spot demand and overseas prices. Malaysian palm oil exports from Aug. 1 to 20 rose 10.3 percent to 880,979 tonnes from the 798,482 tonnes shipped during July 1 to 20, cargo surveyor Intertek Testing Services said. Over the first 15 days of the month, exports rose as much as 18.7 percent from a month ago. Rising output in Malaysia, the world's No. 2 palm producer, sent July end-stocks 1 percent higher from a month ago, although a record level of local consumption and rising shipments supported views for a robust demand. The Southeast Asian nation set its crude palm oil export tax for September at 4.5 percent, unchanged since March, which could spur more exports if top rival Indonesia keeps its tax rate unchanged at 10.5 percent. The world's top palm producer will announce its September export tariff later in the month. Exports of Malaysian palm oil products from July 1 to 25 fell 7 percent to 1,085,392 tons when compared to 1,167,266 tons shipped during June 1 to 25 period, as per industry sources. Indonesia has set export tax for palm oil at 10.5% for August, unchanged from July's 10.5%. Technically market is under long liquidation as market has witnessed drop in open interest by -1.45% to settled at 4067 while prices down -0.4 rupee, now CPO is getting support at 527 and below same could see a test of 522.6 level, And resistance is now likely to be seen at 538.2, a move above could see prices testing 545.

Trading Ideas:

CPO trading range for the day is 523.3-545.7.

CPO yesterday settled down tracking weakness in spot demand and overseas prices.

Malaysian palm oil exports from Aug. 1 to 20 rose 10.3 percent to 880,979 tonnes from the 798,482 tonnes shipped during July 1 to 20

Rising output in Malaysia, the world's No. 2 palm producer, sent July end-stocks 1 percent higher from a month ago

Crude palm oil prices in spot market gained by Rs 4.70 and settled at 540.50 rupees.