CPO yesterday settled up 3.99% at 573.5 driven by a firm demand in the spot market against restricted arrivals from producing belts. Besides, a firming trend in overseas markets on concerns over tighter global oilseed supplies, as a smaller amount of soybeans for crushing into soybean oil could channel demand to competing palm oil also supported the uptrend. Palm oil has rallied so far this week on concerns over tighter global oilseed supplies, as a smaller amount of soybeans for crushing into soybean oil could channel demand to competing palm oil. Cargo surveyor data pointing to healthy export demand for the tropical oil also supported prices. Malaysian palm exports for the Aug. 1-25 period rose as much as 7.5 percent from a month ago, supported by stronger purchases from Europe, China and India. Rising palm exports and potentially lower output in Malaysia, the world's No. 2 palm producer, could help ease end-August stocks. Inventory levels inched up 1 percent to 1.66 million tonnes in end-July from a month ago. Last week, crude palm oil and palm oil prices recorded a weak trend in the global market on speculation that the upcoming palm oil production season may cause to build large palm oil inventories in Malaysia, the world's second largest palm oil producer after Indonesia. World palm oil production may increase 4.4 percent to a 58.2 mn tons when compared to the previous season amid higher than expected palm oil production from Indonesia and Malaysia, the Oil World said. Now CPO is getting support at 561.8 and below same could see a test of 550.2 level, And resistance is now likely to be seen at 579.3, a move above could see prices testing
585.2.

Trading Ideas:

CPO trading range for the day is 549.6-584.6.

Crude palm oil gains driven by a firm demand in the spot market against restricted arrivals from producing belts.

Cargo surveyor data pointing to healthy export demand for the tropical oil also supported prices

Palm oil reserves in Malaysia fell 37 percent to 1.65 mn tons in June from a record in December

Crude palm oil prices in spot market gained by Rs 13.30 and settled at 576.90 rupees.