Crude Palm Oil yesterday traded with the negative node and settled -0.31% down at 620.4 due to profit booking though downside was limited on expectations that big food consumers will lift demand for the tropical oil in the wake of higher soyoil prices after droughts crimped South America's soy crop. Traders said palm oil could be headed higher as exports in the first 20 day of April pointed to recovery, a signal that top buyer India was focusing on palm oil to shore up cooking oil supplies. The palm oil market has gained 10.5 percent this year on strong food demand, an lower stocks in No.2 producer Malaysia and weaker global edible oil production after a drought hurt South American soy crops. Malaysian palm oil exports for April 1-20 fell 5.3 percent from a month earlier, a marked improvement from a 13.5 percent drop in the first 15 days of this month due in part to stronger demand from India. In yesterday's trading session Crude Palm oil has touched the low of 619.6 after opening at 621.7, and finally settled at 620.4. For today's session market is looking to take support at 618.9, a break below could see a test of 617.3 and where as resistance is now likely to be seen at 622.7, a move above could see prices testing 624.9.

Trading Ideas:

CPO trading range for the day is 617.33-624.93.

CPO inched down due to profit booking though downside was limited on expectations that big food consumers will lift demand

The palm oil market has gained 10.5 percent this year on strong food demand

Malaysian palm oil exports for April 1-20 fell 5.3 percent from a month earlier

Crude palm oil prices in spot market gained by 3.10 rupees and settled at 619.30 rupees.