Crude Palm oil yesterday traded with the positive node and settled 0.97% up at 548.9 on fears of adverse weather in Malaysia, the second-largest palm oil producer, ignoring bearish cues of a likely decline in global export demand on the back of persistent euro-zone debt issues. Traders expect Malaysia’s December palm oil shipments to fall to about 1.4 million tons, down 9% from a month earlier, ahead of December palm oil export data from cargo surveyors Intertek Agri Services and SGS (Malaysia) Bhd. due Dec. 31 and Jan. 3, respectively. The Malaysian Meteorological Department issued a warning that heavy rains may continue until Friday for key oil palm growing states of Johor, Pahang and Sabah, which account for almost 60 percent of national palm oil output. In yesterday's trading session Crude Palm oil has touched the low of 545.1 after opening at 545.1, and finally settled at 548.9. For today's session market is looking to take support at 546, a break below could see a test of 543.1 and where as resistance is now likely to be seen at 550.9, a move above could see prices testing 552.9.

Trading Ideas:

Crude Palm Oil trading range is 545.3-554.1.

Crude palm oil ended with gains on fears of adverse weather in Malaysia

Traders expect December output to be 18 percent lower than a month ago.

Production in Malaysia is in seasonally low-yield phase and heavy rains

Crude palm oil prices in spot market gained by 4.10 rupees and settled at 546.50 rupees.