Crude Palm Oil yesterday traded with the positive node and settled
0.32% up at 588 as traders created fresh positions on the back of firm
demand from the domestic markets as well as overseas markets. Malaysian
exports jumped 14 percent for the first 20 days of March from a month
ago, according to cargo surveyors, and traders are expecting the trend
to continue when data for March 1-25 is released. As per latest release
from Trade Ministry of Indonesia, the export duties of Crude Palm Oil
(CPO) will rise from 16.5% to 18% in April 2012 due to elevated prices
of CPO in international market. The April export tax on refined
palmolein will be set at 10%.Cargo surveyor Intertek Testing Services
reported a 37 percent month-on-month increase in Malaysian exports for
the first 15 days of March to 697,804 tonnes, pointing to brightening
demand prospects. In yesterday's trading session Crude Palm oil has
touched the low of 586.2 after opening at 587.2, and finally settled at
588. For today's session market is looking to take support at 585.9, a
break below could see a test of 583.9 and where as resistance is now
likely to be seen at 590.3, a move above could see prices testing 592.7.

Trading Ideas:

CPO trading range for the day is 583.87-592.67.

Crude palm oil gained on the back of firm demand from the domestic markets as well as overseas markets

Malaysian exports jumped 14 percent for the first 20 days of March from a month ago

The export duties will rise from 16.5% to 18% in April 2012 due to elevated prices of CPO in international market

Crude palm oil prices in spot market gained by 3.00 rupees and settled at 583.10 rupees.