CPO settled down -0.43% at 509.2 after reports showed higher Malaysia palm oil inventory and stockpiles data. Besides, ample inventories following higher supplies from the major producing belts too added pressure on crude palm oil prices. Malaysia, world's second-biggest palm oil producer, crude palm oil output jumped 6.5% to 1.65 million tons in May compared to 1.55 million tons in March, data from the Malaysia Palm Oil Board (MPOB) showed. Exports from Malaysia gained 1.4 million tons in May compared to 1.26 million in April, the report said. Malaysia, world's second-biggest palm oil producer, crude palm oil output in Malaysia rose to 1.65 million tons in May compared to 1.55 million tons in March, the report showed. Exports from Malaysia gained 1.4 million tons in May compared to 1.26 million in April, the report said. Palm oil inventories in Malaysia climbed 4.2% to 1.84 million tons in May compared to 1.76 million tons a month ago. Meanwhile, Intertek a private surveyor showed Malaysia palm oil exports dropped 0.3% on month to 390,729 tons in Jun 1-10 compared to 391,856 tons for the same period a month ago. Palm oil stocks in Malaysia likely edged up for a third straight month in May to touch their highest since the end of January, a survey showed, as a rise in production outstripped export demand for the tropical oil. Technically market is under fresh selling as market has witnessed gain in open interest by 1.47% to settled at 1996 while prices down -2.2 rupee, now CPO is getting support at 507.7 and below same could see a test of 506.2 level, And resistance is now likely to be seen at 511.1, a move above could see prices testing 513.

Trading Ideas:

CPO trading range for the day is 506.2-513.

Crude palm oil ended with losses after reports showed higher Malaysia palm oil inventory and stockpiles data.

Besides, ample inventories following higher supplies from the major producing belts too added pressure on crude palm oil prices.

Malaysia, crude palm oil output jumped 6.5% to 1.65 million tons in May compared to 1.55 million tons in March.

Crude palm oil prices in spot market dropped by 2.70 and settled at 508.50 rupees.