Crude Palm Oil yesterday traded with the positive node and settled 0.24% up at 463.1 tracking gains in spot demand with investors cautious ahead of key industry data due this week. Palm oil tends to track soybean and soybean oil prices closely as the edible oils are close substitutes. Market participants are awaiting official data on Malaysia's March palm inventory levels due on Wednesday to gauge the tropical oil's supply and demand fundamentals. As per news sources, Malaysian palm oil product exports for March rose by 5.5 percent to 1.36 lakh tons from 1.29 lakh tons in February. India imported 81,142 tons, down 48.7 percent compared to 158,250 tons during the same period of last month. International market sentiments are bearish due to subdued demand. As per the Indonesian Palm Oil association, the country may produce 280 lakh ton (LT) palm oil this year. Malaysia may produce 187 LT. World palm oil production is estimated at 552 LT which is high by 37 LT from last year. Malaysian Palm Oil Board is scheduled to release its data on palm oil stocks, output and exports on April 10, which may impact futures movement. In yesterday's trading session Crude Palm oil has touched the low of 461.1 after opening at 462, and finally settled at 463.1. For today's session market is looking to take support at 461.2, a break below could see a test of 459.4 and where as resistance is now likely to be seen at 464.8, a move above could see prices testing 466.6.

Trading Ideas:

CPO trading range for the day is 459.37-466.57.

Crude palm oil ended with gains tracking gains in spot demand with investors cautious ahead of key industry data.

Market participants are awaiting official data on Malaysia's March palm inventory levels due on Wednesday.

Malaysian palm oil product exports for March rose by 5.5 percent to 1.36 lakh tons from 1.29 lakh tons in February.

Crude palm oil prices in spot market gained by Rs 0.30 and settled at 458.60 rupees.