Crude Palm oil yesterday traded with the positive node and settled 1.44% up at 551 on expectations of pick-up in spot market demand tracking firmness in overseas market. As per latest release from Cargo Surveyor Intertek Agri Services, Malaysia's palm oil exports in the first 10 days of June decreased by 6.6% from the same period in May to 4.20 lakh metric tonnes. As per latest release from Malaysian Palm Oil Board, Malaysia's May crude palm oil output augmented by 8.70% from April to 1.38 million metric tonnes. The end-May palm oil stocks down 4.50% to 1.76 million tonnes while May palm oil exports up 4.80% to 1.40 million tonnes. Traders are also eyeing a supply-demand report on U. S. and global grains from the U. S. Department of Agriculture (USDA) due Tuesday that could show tighter supply and lend support to palm oil. The fall exceeded market expectations that stocks in the world's No. 2 palm oil producer likely dropped 2.9 percent to 1.79 million tonnes and led to a flurry of buying in the physical markets. In yesterday's trading session Crude Palm oil has touched the low of 546.1 after opening at 547, and finally settled at 551. For today's session market is looking to take support at 547.4, a break below could see a test of 543.9 and where as resistance is now likely to be seen at 553.2, a move above could see prices testing
555.5.

Trading Ideas:

CPO trading range for the day is 543.87-555.47.

Crude palm oil prices edged up on expectations of pick-up in spot market demand tracking firmness in overseas market.

Malaysia's palm oil exports in the first 10 days of June decreased by 6.6% - Cargo Surveyor Intertek Agri Services

Malaysia's May crude palm oil output augmented by 8.70% from April to 1.38 million metric tonnes.

Crude palm oil prices in spot market gained by 5.80 rupees and settled at 550.10 rupees.