CPO traded in the range and settled flat as support seen lifted by robust export demand and prospects of tighter supplies of the vegetable oil this month. Exports of Malaysian palm oil products for July 1-15 rose 14.2 percent to 673,463 tonnes from 589,748 tonnes during June 1-15, cargo surveyor Intertek Testing Services said. However, the gains were capped as the US Department of Agriculture (USDA) forecasted huge global supplies ahead for soyabean in the monthly report issued.

India's vegetable oil imports fell 6.7 percent in June from a year earlier as buyers held off from purchases in the hope that prices would drop further, a top trade body said. Vegetable oil purchases totalled 883,679 tonnes in June, down from 947,591 tonnes a year earlier, SEA data showed. Vegetable oil purchases totalled 883,679 tonnes in June, down from 947,591 tonnes a year earlier, SEA data showed. Imports of palm oil by India, the world’s largest buyer, probably dropped for a second month as a shrinking discount to soybean and sunflower oils cut its appeal.

Shipments of the main crude and refined palm oils fell 3.8 percent to 625,000 metric tons in June from a year earlier. Palm’s discount to soybean oil has contracted about 65 percent in the past year amid forecasts for a record U. S. soybean harvest. Technically market is under fresh selling as market has witnessed gain in open interest by 1.95% to settled at 2825 while prices down -0.2 rupee, now CPO is getting support at 525.4 and below same could see a test of 524 level, And resistance is now likely to be seen at 528.8, a move above could see prices testing 530.8.

Trading Ideas:

CPO trading range for the day is 524-530.8.

CPO traded in the range and settled flat as support seen lifted by robust export demand and prospects of tighter supplies.

Exports of Malaysian palm oil products for July 1-15 rose 14.2 percent to 673,463 tonnes from 589,748 tonnes during June 1-15.

Palm’s discount to soybean oil has contracted about 65 percent in the past year amid forecasts for a record U. S. soybean harvest.

Crude palm oil prices in spot market dropped by 0.20 and settled at 534.20 rupees.