CPO settled down -1.75% at 476 amid a weak trend at spot market on sluggish demand. Further, sufficient supplies from the major producing belts too added pressure on crude palm oil prices. India's Palm oil imports are cut 200,000 tons to 8.6 million on weaker than expected purchases. Palm also slumped as demand for biofuels missed expectations, forecasts for an El Nino weather pattern, which can disrupt supplies, were scaled back, and the ringgit strengthened. Global ending stockpiles of palm oil will increase 10 percent to 8.7 million tons in 2014-2015, according to a forecast from the USDA. Malaysian palm oil exports fell 15.2% to 570,761 tons during Aug 1-15 compared to 673,463 tons for the same period a month ago, Dow Jones reported citing data from Intertek a private surveyor showed. Malaysian palm oil subsided further falling for the eighth-consecutive session to its lowest since October 2009 as soybean and crude prices weighed on the market, and defaults and volatility spooked traders. "It still looks weak," said a trader with a foreign commodities brokerage in Kuala Lumpur, referring to weak soy and crude prices today. Open interest in the contract was rising despite the market being oversold, another trader said, indicating that it will fall further. Technically market is under fresh selling as market has witnessed gain in open interest by 5.14% to settled at 3802 while prices down -8.5 rupee, now CPO is getting support at 470.9 and below same could see a test of 465.7 level, And resistance is now likely to be seen at 483.4, a move above could see prices testing 490.7.

Trading Ideas:

CPO trading range for the day is 465.7-490.7.

Crude palm oil prices ended with losses amid a weak trend at spot market on sluggish demand.

Further, sufficient supplies from the major producing belts too added pressure on crude palm oil prices.

Global ending stockpiles of palm oil will increase 10 percent to 8.7 million tons in 2014-2015, according to a forecast from the USDA.

Crude palm oil prices in spot market dropped by 5.80 and settled at 481.00 rupees.