CPO settled up 0.3% at 532.4 tracking firm spot demand after prices seen under pressure as falling exports stoked fears about a build-up in inventory in the world's second-largest producer. Exports of Malaysian palm oil products for Jan 1-15 fell 28 percent to 460,248 tons, from the last corresponding period of the last year - cargo surveyor Intertek Testing Services. Malaysia, the world's No. 2 palm oil producer, has kept its crude palm oil export tax for February unchanged at 5 percent, a government circular showed. India crude palm oil imports in December jumped 8.7% on year to 691,740 tons compared to 636,113 tons a year earlier. India's palm oil imports rose to 863,205 tonnes in December from 774,207 tonnes in the previous month, data from the Solvent Extractors' Association of India (SEA) showed. Palm oil had experienced rising stockpiles despite a sharp fall in production in December. Malaysia's palm oil inventories rose to a nine-month high in December, industry data showed, missing expectations for a drop as lacklustre demand offset a fall in output caused by floods. India increased import duties on refined edible oils, including palm oil, to 10 percent from 7.5 percent to protect local oilseed growers and refiners against cheaper supplies from major exporters. The decision could shift demand in India, the world's leading importer of vegetable oils, to crude palm oil (CPO), benefiting Malaysian exporters as the country charges a lower duty on overseas CPO sales than rival producer Indonesia. Technically market is under short covering as market has witnessed drop in open interest by -20.75% to settled at 1810 while prices up 1.6 rupee, now CPO is getting support at 529.7 and below same could see a test of 527.1 level, And resistance is now likely to be seen at 534.2, a move above could see prices testing 536.1.

Trading Ideas:

CPO trading range for the day is 527.3-536.3.

CPO settled up tracking firm spot demand after prices seen under pressure as falling exports data

Exports of Malaysian palm oil products for Jan 1-15 fell 28 percent to 460,248 tons, from the last corresponding period of the last year

Malaysia, the world's No. 2 palm oil producer, has kept its crude palm oil export tax for February unchanged at 5 percent.

Crude palm oil prices in spot market dropped by 0.50 and settled at 526.70 rupees.