CPO settled down -0.05% at 553.6 tracking weakness in spot demand though downside was limited after a slight recovery in exports signalled rising food and fuel demand for the edible oil. Cargo surveyor Intertek Testing Services reported that Malaysian palm oil exports in December slipped 1.1 percent from November, improving from steeper declines earlier in the month, partly due to bigger imports from China. Exports were certainly better than expected and this encouraged a lot of speculative buying Malaysia said it was working to hike its own requirements in an effort to whittle down stockpiles and cushion prices. Higher selling pressure in producing centres for indigenous oils and improved arrivals of oilseeds kept the market under check. Sources said that despite local refineries slashing their rates for palmolein there were no fresh buyers. As per latest release from Cargo Surveyor Intertek Agri Services, Malaysia's palm oil exports during December 1-25 stood at 1.14 million metric tonnes, down 7.13% from the November. Technically market is under fresh selling as market has witnessed gain in open interest by 1.84% to settled at 3538 while prices down -0.3 rupee, now CPO is getting support at 552.1 and below same could see a test of 550.7 level, And resistance is now likely to be seen at 554.8, a move above could see prices testing 556.1.

Trading Ideas:

CPO trading range for the day is 550.8-556.2.

Crude palm oil ended with losses tracking weakness in spot demand though downside was limited after a slight recovery in exports

Cargo surveyor Intertek Testing Services reported that Malaysian palm oil exports in December slipped 1.1 percent

Technically market is under fresh selling as market has witnessed gain in open interest by 1.84% to settled at 3538

Crude palm oil prices in spot market gained by 2.70 and settled at 544.00 rupees.