CPO on MCX settled up 0.9% at 484on short covering tracking firmness in spot demand after prices dropped on expectations of rising production for the month of July. Prices remained under pressure on forecasts that July production levels will be higher on-month from 1.51 million tonnes reached in June. Earlier, government has cut the base import price of refined, bleached and deodorised palmolein, crude palmolein, and RBD palm oil by $31 a tn each to $716, $713 and $706, respectively. However, reports of import duty hike and expectation of good demand from the stockists may support price.

Trading Ideas:

* CPO trading range for the day is 474.3-490.5.

* Crude palm oil gains on short covering tracking firmness in spot demand after prices dropped on expectations of rising production for the month of July.

* However there are forecasts that July production levels will be higher on-month from 1.51 million tonnes reached in June.

* As per SEA, palm oil import raised 21.6% y-o-y to 7.99 lt in May on higher shipment of crude palm oil (CPO).

* Crude palm oil prices in spot market dropped by 1.70 rupees and settled at 489.30 rupees.

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