Crude Palm oil yesterday traded with the positive node and settled 0.41% up at 517.2 on dip-buying and short covering after the market tumbled in last few sessions. Investors also ignored concerns that global economic recovery might slow due to the earthquake and tsunami that struck Japan, the world’s third-largest economy. Malaysia's palm oil exports during the March 1-15 period declined by 17% from a month earlier to 526,407 metric tonnes. In yesterday's trading session Crude Palm oil has touched the low of 508.4 after opening at 512.5, and finally settled at 517.2. For today's session market is looking to take support at 509.7, a break below could see a test of 502.3 and where as resistance is now likely to be seen at 523.3, a move above could see prices testing 529.5.

Trading Ideas:

Crude Palm Oil trading range is 502.3-529.5.

Crude Palm oil yesterday ended positive on dip-buying and short covering

Resistance for crude palm oil is at 523.30 level

Support for crude palm oil is at 509.70 level.

Crude palm oil prices in spot market gained by 2 rupees to 513 rupees.