CPO settled down -0.49% at 532 amid a weak trend in spot markets on falling demand. Further, ample stocks in the physical market on increased supplies from producing belts also put pressure on the prices. Malaysia palm oil exports jumped to 868,843 tons in July 1-20 compared to 806,303 tons for the same period a month ago, data from Intertek a private surveyor showed. Malaysia, world's second-biggest palm oil producer, crude palm oil output fell to 1.56 million tons in June compared to 1.65 million tons in May, the report showed. Exports from Malaysia gained 1.48 million tons in June compared to 1.4million in May, the report said. Palm oil inventories in Malaysia slumped 5.3% to 1.57 million tons in June compared to 1.84 million tons a month ago. India crude palm oil imports jumped to 5.12 million tons in June compared to 3.53 million tons for the same period a year ago, data release from the SEA of India showed. Malaysia, the world's second-largest palm grower, has kept its crude palm oil export tax for August at 5 percent, a government circular showed, the same as a month ago. The rate was lowered to 5.0 percent in July after being kept unchanged at 5.5 percent since April. 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. Technically market is under fresh selling as market has witnessed gain in open interest by 0.41% to settled at 2678 while prices down -2.6 rupee, now CPO is getting support at 530.2 and below same could see a test of 528.5 level, And resistance is now likely to be seen at 534.6, a move above could see prices testing 537.3.

Trading Ideas:

CPO trading range for the day is 528.5-537.3.

Crude palm oil dropped amid a weak trend in spot markets on falling demand.

Further, ample stocks in the physical market on increased supplies from producing belts also put pressure on the prices.

Malaysia palm oil exports jumped to 868,843 tons in July 1-20 compared to 806,303 tons for the same period a month ago.

Crude palm oil prices in spot market gained by 2.00 and settled at 540.40 rupees.