Crude palm Oil on MCX settled down by -0.14% at 551.5 on profit booking after prices gained tracking overseas prices amid supply worries. Malaysia palm oil exports during Nov 1-15 dropped 17% compared to a month earlier on subdued demand from China, European Union, and India & Subcontinent, data showed. Malaysia palm oil exports slipped to 520,670 tons during Nov 1-15 compared to 627,864 tons for the same period a month ago, DowJones reported citing data from Intertek, a private surveyor. Malaysia Palm Oil Board in its monthly report said stockpiles in October jumped by 1.8% to 1.57 million tons. Malaysian Plantation Industries and Commodities Minister Datuk Seri Mah Siew Keong said that government has decided to delay the B10 biodiesel mandate as palm oil prices have risen considerably. Meanwhile, the tariff value of CPO increase by 2.2% to $739 per tonne for the 2nd half of Nov compared to previous fortnight. This is second straight increase but lower than the September tariff price. As per USDA report, ending stocks of palm oil in India in 2015/17 will dropped 30% to 381,000 tonnes compared to previous month estimates. As per SEA data, imports of RBD palmolein increase to 2.40 mt vs 1.43 mt for Nov-Sep period and India's palm oil imports in 2016/17 are likely by rise 9% to 9.24mt from a year earlier, as a growing population and higher income levels drive up edible oil consumption. Technically market is under long liquidation as market has witnessed drop in open interest by -14.01% to settled at 1148 while prices down -0.8 rupee, now CPO is getting support at 549 and below same could see a test of 546.5 level, And resistance is now likely to be seen at 555, a move above could see prices testing 558.5.

Trading Ideas:

CPO trading range for the day is 546.5-558.5.

Crude palm oil dropped on profit booking after prices gained tracking overseas prices amid supply worries.

Malaysia palm oil exports slipped to 520,670 tons during Nov 1-15 compared to 627,864 tons for the same period a month ago.

India's palm oil imports in 2016/17 are likely by rise 9% to 9.24mt from a year earlier.

Crude palm oil prices in spot market gained by 7.30 rupees and settled at 549.30 rupees.