CPO settled down -1.94% at 380 on oversupply woes of the oil from Malaysia, the second biggest oil producer and from domestic market following robust imports data. Malaysia's crude palm oil output rose in July and end-July stockpiles climbed, a data released by the Malaysian Palm Oil Board showed. Palm oil output jumped 2.84% to 1.81 million tons as on July end compared to 1.76 million tons a month earlier. Palm oil stockpiles also rose 5.11% to
2.26 million tons as on July end compared to 2.15 million tons a month ago, data showed. Malaysia's palm-oil exports slipped 5.32% to 1.60 million tons in July from the previous month. Crude palm oil imports climbed to 765,865 tons in July, its highest in two-month, compared to 527,648 tons in the same period a month ago, data release from the Solvent Extractors Association (SEA) of India showed. According to SEA, India imported a record 9,76,175 tonnes of palm oils in July, expressing concerns over the rise in cheaper shipments has put pressure on domestic prices thereby discouraging oilseeds growers. The imports have also raise m-o-m in July to 9.76 lakh tonnes (lt) compared to 7.34lh. Malaysia, the world's second-largest palm grower after Indonesia, will keep its crude palm oil export tax for September at zero percent, extending duty-free exports from August. Technically market is under fresh selling as market has witnessed gain in open interest by 3.73% to settled at 3837 while prices down -7.5 rupee, now CPO is getting support at 376.8 and below same could see a test of 373.7 level, And resistance is now likely to be seen at 385.4, a move above could see prices testing 390.9.

Trading Ideas:

CPO trading range for the day is 373.7-390.9.

Crude palm oil prices dropped on oversupply woes of the oil from Malaysia and from domestic market following robust imports data.

Malaysia's crude palm oil output rose in July and end-July stockpiles climbed, a data released by the Malaysian Palm Oil Board showed.

Palm oil output jumped 2.84% to 1.81 million tons as on July end compared to 1.76 million tons a month earlier.

Crude palm oil prices in spot market dropped by 4.20 rupees and settled at 378.80 rupees.