Crude Palm oil yesterday traded with the negative node and settled -2.13% down at 478.4 as rising inventories and overnight losses in overseas market weighed on prices. The brisk pace of the U. S. soybean harvest and global economic concerns dragged down palm oil prices, which have already come under pressure due to worries inventory levels in key producer Malaysia could climb above 2.2 million tonnes in September, which would be the highest level seen this year. Latest cargo surveyor data pointed to rising exports but traders said the increase was not enough to offset strong production, which could push September stocks even higher than the 10-month high of 2.1 million tonnes seen in August. Cargo surveyor Intertek Testing said export shipments rose almost 15 percent during Sept. 1-20 over the same period a month ago, while another cargo surveyor, Societe Generale de Surveillance, reported an almost 13 percent increase from a month ago. Cargo surveyor Intertek Agri Services said Sept. 1-20 shipments rose 15% from the previous month to 928,110 tons. Surveyor SGS (Malaysia) Bhd. put shipments at 900,450 tons, an increase of 13%.In yesterday's trading session Crude Palm oil has touched the low of 476.5 after opening at 489.5, and finally settled at 478.4. For today's session market is looking to take support at 472.9, a break below could see a test of 467.4 and where as resistance is now likely to be seen at 487.5, a move above could see prices testing 496.6.

Trading Ideas:

CPO trading range for the day is 467.4-496.6.

Crude palm oil ended lower as rising inventories and overnight losses in overseas market weighed on prices.

The brisk pace of the U. S. soybean harvest and global economic concerns dragged down palm oil prices

Cargo surveyor Intertek Testing said export shipments rose almost 15 percent during Sept. 1-20

Crude palm oil prices in spot market dropped by 6.50 rupees and settled at 489.10 rupees.