Crude Palm Oil yesterday traded with the positive node and settled 0.86% up at 561.2 tracking gains in spot market demand and firmness in overseas market also supported the prices. An unexpected rise in Malaysian palm oil stocks on Monday reined in the market, which has gained 6 percent so far this year, although a recovery in exports for the first ten days of March kept investors upbeat. The rise in stocks in February was due to a fall in exports, but data for early March showed a 32 percent surge in exports as top buyer India snapped up cargoes and local planters won tax free crude palm oil export quotas to feed their refineries overseas. Indonesia has grabbed market share from Malaysia by slashing export taxes on refined palm oil products, creating the likelihood that stocks in Malaysia, the world’s No. 2 producer, will rise. In yesterday's trading session Crude Palm oil has touched the low of 557 after opening at 558.9, and finally settled at 561.2. For today's session market is looking to take support at 557.9, a break below could see a test of 554.6 and where as resistance is now likely to be seen at 563.6, a move above could see prices testing 566.

Trading Ideas:

CPO trading range for the day is 554.6-566.

Crude palm oil edged up tracking gains in spot market demand and firmness in overseas market also supported the prices.

High palm stocks keeping prices in check, export trend eyed

Indonesia has grabbed market share from Malaysia by slashing export taxes on refined palm oil products

Crude palm oil prices in spot market gained by 3.40 rupees and settled at 559.20 rupees.