CPO settled down -0.59% at 521.8 on late profit booking tracking weak spot prices after gaining on tracking upbeat global cues expectations of improved demand for bio-fuel after crude oil prices rose on Iraq civil war concerns.  Malaysia, the world's second-largest palm grower, has lowered its crude palm oil export tax for July to 5 percent, a government circular showed, the first cut after three months. Exports of Malaysian palm oil products for June 1-15 fell 7.8 percent to 589,748 tonnes from 639,414 tonnes during May 1-15, cargo surveyor Intertek Testing Services said. India's palm oil imports rose 22 percent to 654,255 tonnes in May from a month ago, as buyers stocked up ahead of the Muslim holy month of Ramadan when demand for the tropical oil typically peaks.  Higher purchases by the world's top vegetable oil importer should help support benchmark palm oil prices that have dropped in five out of the past seven weeks. India's total vegetable oil imports rose 24 percent from a month ago to 1.03 million tonnes in May, data from the Solvent Extractors' Association of India (SEA) showed. May's total palm oil imports included refined oil of 100,605 tonnes, up 24 percent from April as the import price in May was cheaper by $31 per tonne at $866.  Technically market is under long liquidation as market has witnessed drop in open interest by -4.5% to settled at 1634 while prices down -1.9 rupee, now CPO is getting support at 520.6 and below same could see a test of 518.3 level, And resistance is now likely to be seen at 526.6, a move above could see prices testing 530.3.

Trading Ideas:

CPO trading range for the day is 517-530.4.

CPO dropped on late profit booking tracking weak spot prices after gaining on tracking upbeat global cues

Malaysia, the world's second-largest palm grower, has lowered its crude palm oil export tax for July to 5 percent

Exports of Malaysian palm oil products for June 1-15 fell 7.8 percent to 589,748 tonnes from 639,414 tonnes.

Crude palm oil prices in spot market gained by 6.90 and settled at 525 rupees.