Crude Palm oil yesterday traded with the negative node and settled -1.1% down at 583.6 tracking weakness in the spot markets. As per Cargo surveyor Intertek Agri Services, Malaysia May palm oil exports spurted by 2.6% from April, to 1.38 million metric tonnes. As per latest release from Trade Ministry of Indonesia, the export duties of Crude Palm oil will remain unchanged at 19.5% in June 2012. Also helping to stem losses in palm oil were expectations of a rise in demand from India and Pakistan for Ramadan, where fasting in the day is followed by feasting in the evening. Data from Malaysia also showed palm oil product exports during May rose 2.4 percent to 1,382,091 tonnes from 1,349,642 tonnes shipped from April. Palm oil prices have slipped more than 9% since the beginning of May, weighed by euro-zone issues and concerns about a slowdown in China, the world's second-largest economy and major consumer of vegoils. The benchmark contract sank to MYR2,993/ton last week, the lowest level this year. In yesterday's trading session Crude Palm oil has touched the low of 583.5 after opening at 589.5, and finally settled at 583.6. For today's session market is looking to take support at 580.4, a break below could see a test of 577.1 and where as resistance is now likely to be seen at 590, a move above could see prices testing 596.3.

Trading Ideas:

CPO trading range for the day is 577.13-596.33.

Crude palm oil prices ended lower tracking weakness in the spot markets

Malaysia May palm oil exports spurted by 2.6% from April, to 1.38 million metric tonnes.

Helping to stem losses in palm oil were expectations of a rise in demand from India and Pakistan for Ramadan

Crude palm oil prices in spot market dropped by 0.10 rupees and settled at 585.50 rupees.