CPO settled up 1.65% at 528.8 supported by improving domestic demand. Further, tight supplies from the major producing belts too supported crude palm oil prices uptrend. Malaysia palm oil exports slumped 7.8% to 589,748 tons in Jun 1-15 compared to 639,414 tons for the same period a month ago, data from Intertek a private surveyor showed. Palm oil imports by India & Subcontinent fell 2.3% to 157,050 tons in Jun 1-15 compared to 160,864 tons for the same period a month ago. China palm oil imports from Malaysia dropped 15% on month to 61,850 tons while European Union shipment slumped 2.6% on month to 101,049 for the same period. Malaysia, the world's second-largest palm grower, has lowered its crude palm oil export tax for July to 5 percent, a government circular showed on Monday, the first cut after three months. India's palm oil imports rose 22 percent to 654,255 tonnes in May from a month ago, data from the Solvent Extractors' Association of India showed, as buyers stocked up ahead of the Muslim holy month of Ramadan when demand typically peaks. Palm oil imports by the world's top vegetable oil buyer are expected to stay firm in the next few months due to a drop in domestic cooking oil supplies and year-end festival demand, traders said, supporting benchmark Malaysian prices that have shed 9 percent this year. Technically market is under short covering as market has witnessed drop in open interest by -16.27% to settled at 818 while prices up 8.6 rupee, now CPO is getting support at 524 and below same could see a test of 519.1 level, And resistance is now likely to be seen at 532.4, a move above could see prices testing 535.9.

Trading Ideas:

CPO trading range for the day is 519.1-535.9.

Crude palm oil ended with gains supported by improving domestic demand.

Further, tight supplies from the major producing belts too supported crude palm oil prices uptrend.

China palm oil imports from Malaysia dropped 15% on month to 61,850 tons while European Union shipment slumped 2.6% on month.

Crude palm oil prices in spot market gained by 3.80 and settled at 529.30 rupees.