Crude palm Oil on MCX settled down by -0.19% at 587.7 on profit booking after prices gained amid supply worries from in Malaysia. Malaysia palm oil exports during Jan 1-10 climbed 8% compared to a month earlier on strong demand from China and Middle East, data showed. Malaysia palm oil exports jumped to 351,907 tons during Jan 1-10 compared to 325,590 tons for the same period a month ago, DowJones reported citing data from Intertek, a private surveyor. Malaysia's CPO output for December month fell by 6.4% to 1.48 million tons compared to 1.57 million tons in November, data showed. 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. India & Subcontinent's palm oil imports from Malaysia during first 25 days of the month climbed by 60.26% to 144,175 tons as compared to 89,960 tons in Nov 1-25. Malaysia and Indonesia raised export tax and weak demand. Indonesia raises export tax to $3 per tons in January 2017 as per the trade ministry. Data published by DowJones citing Intertek, a private surveyor Malaysia's palm oil exports during 1-25 dropped by 5.60% compared to same period a month ago on subdued demand from Middle East. Technically market is under long liquidation as market has witnessed drop in open interest by -1.35% to settled at 4808 while prices down -1.1 rupee, now CPO is getting support at 586.4 and below same could see a test of 585.2 level, And resistance is now likely to be seen at 589.4, a move above could see prices testing 591.2.

Trading Ideas:

CPO trading range for the day is 585.2-591.2.

Crude palm oil prices ended with losses on profit booking after prices gained amid supply worries from in Malaysia.

Malaysia palm oil exports during Jan 1-10 climbed 8% compared to a month earlier on strong demand from China and Middle East.

Indonesia raises export tax to $3 per tons in January 2017 as per the trade ministry.

Crude palm oil prices in spot market dropped by 1.60 rupees and settled at 599.40 rupees.