Crude Palm oil yesterday traded with the negative node and settled -2.65% down at 465.7 as slowing economic growth reins in demand for biofuel production, leading to higher stocks at top producers Indonesia and Malaysia, key industry officials concluded on Sunday at the Globoil Conference in Mumbai. Palm oil stocks in No. 2 producer Malaysia stood at a 10-month high of 2.1 million tonnes in August, and sources said stocks could climb higher in September on strong production. Malaysian palm oil exports rose almost 15 percent for Sept. 1-20 from a month ago, according to cargo surveyor data. Demand for the edible oil could go higher on bargain hunting as prices hit new low. India refined palm oil imports in July falls 9.28 percent to 112,611 tons from June. Total vegetable oil imports in July were 870,328 tn, up from 783,315 tn in the previous month. Rising palm oil stocks among major producers such as Indonesia and Malaysia will likely push prices down to as low as 2,500 ringgit ($819) per ton by the end of this year. In yesterday's trading session Crude Palm oil has touched the low of 459.3 after opening at 469.9, and finally settled at 465.7. For today's session market is looking to take support at 460, a break below could see a test of 454.4 and where as resistance is now likely to be seen at 470.6, a move above could see prices testing 475.6.

Trading Ideas:

CPO trading range for the day is 454.57-475.77.

Crude palm oil ended lower as slowing economic growth reins in demand for biofuel production

Palm oil stocks in No. 2 producer Malaysia stood at a 10-month high of 2.1 million tonnes in August

India refined palm oil imports in July falls 9.28 percent to 112,611 tons from June.

Crude palm oil prices in spot market dropped by 29.00 rupees and settled at 460.10 rupees.