Crude Palm Oil yesterday traded with the positive node and settled 0.69% up at 582.6 as overseas prices gained on rising exports ahead of the Muslim fasting month of Ramadan in July, although investors were still cautious on lingering fear over the euro zone debt crisis. Concern about global growth and a failure by European policymakers to make any significant breakthroughs in resolving the debt crisis have weighed on palm oil this week, which hit its lowest in 2012 on Wednesday. As per latest release from Cargo Surveyor Intertek Agri Services, Malaysia's palm oil exports during the May1-25, increased by 10.50% from the same period in April to 1.15 million metric tonnes. But firm demand from India and Pakistan for Ramadan, where fasting in the day is followed by feasting in the evening, lifted palm futures to erase losses and post a 1.1% gain this week. Another cargo surveyor, Societe Generale de Surveillance, also reported higher exports for the first 25 days of the month. On the supply side, traders are watching dry US weather that could hurt the soybean crop and the possibility of a return of the El Nino weather pattern that could curb palm oil output in Southeast Asia. In yesterday's trading session Crude Palm oil has touched the low of 580 after opening at 580, and finally settled at 582.6. For today's session market is looking to take support at 580.6, a break below could see a test of 578.6 and where as resistance is now likely to be seen at 584, a move above could see prices testing 585.4.

Trading Ideas:

CPO trading range for the day is 578.6-585.4.

Crude palm oil edged up as overseas prices gained on rising exports ahead of Muslim fasting month of Ramadan in July

Malaysia's palm oil exports during the May1-25, increased by 10.50% from same period in April to 1.15 mln mt tns.

Traders are watching possibility of return of El Nino weather pattern that could curb palm oil output in Southeast Asia.

Crude palm oil prices in spot market gained by 2.30 rupees and settled at 577 rupees.