Crude palm Oil on MCX settled flat due to profit booking after prices gained recently amid strong demand following robust Malaysian palm oil export data. Malaysia palm oil exports during Jan 1-20 climbed 18% compared to a month earlier on strong demand from India and Subcontinent and Middle East, data showed. Malaysia palm oil exports jumped to 739,367 tons during Jan 1-20 compared to 629,043 tons for the same period a month ago, DowJones reported citing data from Intertek, a private surveyor. India's palm oil imports from Malaysia during Jan 1-20 jumped by 10.08% to 110,800 tons as compared to 100,650 tons imported during Dec 1-20. Meanwhile, EPA's increased biofuel target for 2017 may prompt House Republicans to pass legislation that significantly lowers the quota, though such action probably won't be a priority during President Trump's first 100 days in office, Bloomberg Intelligence wrote in a note. Indonesian palm oil exports probably rose to the highest level in 13 months in November as some buyers replenished stockpiles. Exports of palm and kernels oils increased 5.4% from October to 2.54 million tonnes. That’s the highest since October 2015, data from the Indonesian Palm Oil Association showed. The association, known as Gapki, may release November data in January. Technically market is under short covering as market has witnessed drop in open interest by -9.77% to settled at 2808 while prices up 0.1 rupees, now CPO is getting support at 594.9 and below same could see a test of 592.5 level, And resistance is now likely to be seen at 598.9, a move above could see prices testing 600.5.

Trading Ideas

# CPO trading range for the day is 592.5-600.5.

# Crude palm oil prices ended with flat node due to profit booking after prices gained recently amid robust Malaysian palm oil export data.

# Malaysia palm oil exports during Jan 1-20 climbed 18% compared to a month earlier on strong demand.

# India's palm oil imports from Malaysia during Jan 1-20 jumped by 10.08% to 110,800 tons.

Crude palm oil prices in spot market dropped by 1.10 rupees and settled at 596.90 rupees.