Crude Palm oil yesterday traded with the positive node and settled 0.56% up at 524.6 tracking gains in spot market demand though uncertainty over the euro zone debt crisis also dampened investors' risk appetite. The market kept a close watch on the February crop production as well as the supply and demand reports set to be issued by the U. S Department of Agriculture. The cargo surveyors will issue export data for the first 10 days of February on Friday, which will indicate how much the world's No. 2 edible oil buyer, China, is restocking after the Lunar New Year festival in January. Malaysia’s end-January palm oil stocks probably rose 1% from a month earlier to around 2.05 million tons, as exports continued to fall given that buyers were shifting to cheaper palm oil from Indonesia. In yesterday's trading session Crude Palm oil has touched the low of 521.3 after opening at 523.4, and finally settled at 524.6. For today's session market is looking to take support at 522.1, a break below could see a test of 519.6 and where as resistance is now likely to be seen at 526.3, a move above could see prices testing 528.

Trading Ideas:

CPO trading range for the day is 519.6-528.

Crude Palm oil yesterday traded with the positive node tracking gains in spot market demand

Cargo surveyors Intertek Agri Services and SGS (Malaysia) Bhd., will release shipment data for Feb. 1-10 period on Friday.

Malaysia’s end-January palm oil stocks probably rose 1% from a month earlier to around 2.05 million tons

Crude palm oil prices in spot market gained by 1.90 rupees and settled at 520.20 rupees.