CPO yesterday settled down -0.37% at 483.8 tracking weakness in spot demand and overseas prices as forecasts for higher global oilseed supplies continued to weighed. Palm oil prices slumped to the lowest since October 2009 amid worries ideal weather in the U. S. Midwest could lead to a record soybean harvest, boosting soyoil supplies and shifting demand away from the competing tropical oil. Palm oil is on track for a 3.7 percent drop this week, its fourth weekly loss in five, pressured by weakness in the soybean complex as buyers eye a bumper harvest and soft export demand. Malaysian palm oil exports for July 1-25 fell 6-7 percent from the same period a month ago, showing a recovery from the steeper 24 percent decline seen in the first half of the month. Exports of Malaysian palm oil products from July 1 to 25 fell 7 percent to 1,085,392 tons when compared to 1,167,266 tons shipped during June 1 to 25 period, as per industry sources. Indonesia has set export tax for palm oil at 10.5% for August, unchanged from July's 10.5%.India's refined palm oil imports declined 20.7 percent in June to 296, 230 tons from a record high of 373,837 tons in May. Technically market is under fresh selling as market has witnessed gain in open interest by 5.15% to settled at 4902 while prices down -1.8 rupee, now CPO is getting support at 482.2 and below same could see a test of 480.7 level, And resistance is now likely to be seen at 485.2, a move above could see prices testing 486.7.

Trading Ideas:

CPO trading range for the day is 480.7-486.7.

Crude palm oil dropped tracking weakness in spot demand and overseas prices as forecasts for higher global oilseed supplies continued to weighed.

Malaysian palm oil exports for July 1-25 fell 6-7 percent from the same period a month ago

Exports of Malaysian palm oil products from July 1 to 25 fell 7 percent to 1,085,392 tons when compared to 1,167,266 tons shipped during June 1 to 25

Crude palm oil prices in spot market gained by Rs 3.50 and settled at 496.70 rupees.