Crude Palm oil yesterday traded with the negative node and settled -0.77% down at 557 on market expectations of rising stockpiles in the world's second biggest producer. Palm oil prices have been treading water even though the U. S. soy market hit a record high the previous day, as traders expect the Malaysian August data, due next Monday, to show stocks had climbed to their highest in nine months as still-high production offset strong exports. Higher palm oil stocks would help Malaysia cope with an anticipated increase in demand. Nevertheless, the latest export estimates will likely underpin palm oil prices, as firm exports could slow the buildup of inventory levels. Cargo surveyor Intertek Agri Services said last week that August exports rose 18% from the previous month to 1.45 million tons. SGS (Malaysia) Bhd. put exports at 1.43 million tons in its Tuesday estimate, an increase of 20% compared with its July estimate. Malaysia's palm oil exports in August rose 18% from the previous month to 1.45 million metric tons, cargo surveyor Intertek Agri Services said Friday. In yesterday's trading session Crude Palm oil has touched the low of 555.5 after opening at 559.2, and finally settled at 557. For today's session market is looking to take support at 554.7, a break below could see a test of 552.3 and where as resistance is now likely to be seen at 560.2, a move above could see prices testing 563.3.

Trading Ideas:

CPO trading range for the day is 552.33-563.33.

Crude palm oil prices slipped on market expectations of rising stockpiles in the world's second biggest producer.

Palm oil prices have been treading water even though the U. S. soy market hit a record high the previous day

Cargo surveyor Intertek Agri Services said last week that August exports rose 18% to 1.45 million tons.

Crude palm oil prices in spot market dropped by 3.00 rupees and settled at 551.70 rupees.