Crude Palm Oil yesterday traded with the negative node and settled -0.3% down at 463.3 in choppy trade amid weak spot demand with no clear guidance from overseas markets and investors worried a bird flu outbreak in China could crimp demand from the world's second largest edible oil buyer.  Official data showed that stocks in the Southeast Asian country declined a steeper than expected 10.9 percent in March to 2.17 million tonnes, from 2.43 tonnes in February. Malaysia Palm oil stocks is likely to have dropped 3.8 percent to 2.35 mn tons, the third monthly decline. Stocks had hit a high a record 2.63 mn tons in December 2012.Production most likely fell 1.2 percent from a month ago to 1.28 million tonnes, as crude palm oil yields remained in a seasonal low cycle, although the decline is significantly smaller than a near one-fifth drop seen in February. Malaysian Palm Oil Board is scheduled to release its data on palm oil stocks, output and exports on April 10, which may impact futures movement. Meanwhile, Malaysian palm oil products exports have gone up 2.8 percent in March to 1.36 mn tons compared to the last month, according to the cargo surveyor Intertek Testing Services. Rising Malaysian palm oil exports are expected to support palm oil prices to some extent. Meanwhile, palm oil exports from Malaysia fell 7.5% to 1.07 mn tons in the first 25 days of March against the same period of last month, according to surveyor Intertek. Shipments had been 11 percent higher in the first 20 days of March. Palm oil stock-piles in Malaysia were 2.44 mn tons in February, stated the Intertek. In yesterday's trading session Crude Palm oil has touched the low of 462.7 after opening at 463.7, and finally settled at 463.3. For today's session market is looking to take support at 462.6, a break below could see a test of 461.9 and where as resistance is now likely to be seen at 464.1, a move above could see prices testing 464.9.

Trading Ideas:

CPO trading range for the day is 461.9-464.9.

Crude palm oil dropped in choppy trade amid weak spot demand with no clear guidance from overseas markets

Official data showed that stocks in Southeast Asian country declined a steeper than expected 10.9% in March to 2.17 mln tns

Malaysia Palm oil stocks is likely to have dropped 3.8 percent to 2.35 mn tons, the third monthly decline.

Crude palm oil prices in spot market gained by Rs 1.50 and settled at 462.60 rupees.