Crude palm Oil on MCX settled down by -0.75% at 556.8 taking cues from international market on oversupply woes by making oil cheap in export market. Malaysia's total palm oil stocks fell 17.29 per cent to 1.46 million tonnes in August against 1.77 million tonnes in the previous month, the Malaysian Palm Oil Board (MPOB) said. Crude palm oil stocks declined 25.78 per cent to 757,405 tonnes in August from 1.02 million tonnes at end-July. The MPOB said processed palm oil stocks dropped 5.73 per cent to 707,086 tonnes in August versus 750,096 tonnes in July. It said crude palm oil output in August increased 7.32 per cent to 1.70 million tonnes from 1.59 million tonnes in July. Palm kernel output rose 9.72 per cent to 403,245 tonnes in August compared with 367,516 tonnes in the previous month, it said. India's monthly palm oil imports fell to 570,051 tonnes in July, the lowest since February 2015. And soyoil imports have jumped as palm purchases have faded. The country has so far in 2015/16 imported a record 3.1 million tonnes soyoil and total purchases in the year to October are set to rise to 4.25 million tonnes, up 42 percent from last year's 3 million tonnes. Malaysia palm oil exports during Aug 1-15 climbed 30.6% compared to a month earlier on improved demand from China and India and Subcontinent, data showed. Technically market is under long liquidation as market has witnessed drop in open interest by -13.82% to settled at 3778 while prices down -4.2 rupee, now CPO is getting support at 551.8 and below same could see a test of 546.9 level, And resistance is now likely to be seen at 562.3, a move above could see prices testing 567.9.

Trading Ideas:

CPO trading range for the day is 546.9-567.9.

Crude palm oil dropped taking cues from international market on oversupply woes by making oil cheap in export market.

Malaysia's total palm oil stocks fell 17.29 per cent to 1.46 million tonnes in August against 1.77 million tonnes in the previous month, MPOB said.

Palm kernel output rose 9.72 per cent to 403,245 tonnes in August compared with 367,516 tonnes in the previous month, it said.

Crude palm oil prices in spot market dropped by 1.80 rupees and settled at 570.40 rupees.