Crude palm Oil on MCX settled down by -0.54% at 515.7 amid following weak Malaysian palm oil export data from Sep 1-30 period. Malaysia palm oil exports during Sep 1-30 dropped 15% compared to a month earlier on weak demand from China and India & Subcontinent, data showed. Malaysia palm oil exports slipped to 1.37 million tons during Sep 1-30 compared to 1.32 million tons for the same period a month ago, Dow Jones reported citing data from Intertek, a private surveyor. Meanwhile the undertone is expected to remain weak as the Malaysia Palm Oil Board (MPOB) data expected during the week ahead may show nearly 3% rise in stocks month on month. Also following seasonality pattern palm oil production is expected to increase by nearly 4% from August. Indonesia's palm oil reserves slumped by 9.8% to 1.695 million tons compared to 1.888 million tons in July, data published by Indonesia Palm Oil Association showed. Palm oil exports from Indonesia, the world’s largest producer, probably jumped the most in almost two years in August after China stepped up imports to meet rising demand during festivals. Shipments climbed 20 percent to 1.92 million metric tons last month from 1.596 million tons in July. That would be the steepest increase since October 2014, data from the Indonesian Palm Oil Association showed. Technically market is under fresh selling as market has witnessed gain in open interest by 1.67% to settled at 6193 while prices down -2.8 rupee, now CPO is getting support at 512.7 and below same could see a test of 509.7 level, And resistance is now likely to be seen at 520.7, a move above could see prices testing 525.7.

Trading Ideas:

CPO trading range for the day is 509.7-525.7.

Crude palm oil dropped amid weak Malaysian palm oil export data from Sep 1-30 period.

Malaysia palm oil exports slipped to 1.37 million tons during Sep 1-30 compared to 1.32 million tons for the same period a month ago.

Palm oil exports from Indonesia, probably jumped the most in almost two years in August after China stepped up imports to meet rising demand.

Crude palm oil prices in spot market dropped by 5.00 rupees and settled at 549.40 rupees.