Crude palm Oil on MCX settled up by 0.31% at 578.5 on increasing demand and on rising concerns about production. Malaysia palm oil exports during Jan 1-31 rose 8.13% compared to a month earlier on strong demand from Indian & Subcontinent and Middle East, data showed. Malaysia palm oil exports climbed to 1.17 million tons during Jan 1-31 compared to 1.08 million tons for the same period a month ago, DowJones reported citing data from Intertek, a private surveyor. India's palm oil imports from Malaysia during Jan 1-31 rose by 3.77% to 222,100 tons as compared to 214,025 tons imported during Dec 1-31. 

Indonesia Palm and kernel production fell 3% to 34.5 million tons in 2016 from a year earlier, Indonesian Palm Oil Association GAPKI, says in a statement. CPO output dropped by 3% to 31.5 million tons in 2016 on yearly basis, Gapki said. China’s imports plunged 24 percent to 4.48 million metric tons in 2016, the lowest since 2005, as benchmark futures surged 25 percent after El Nino squeezed supplies in Indonesia and Malaysia. 

Technically market is under fresh buying as market has witnessed gain in open interest by 0.61% to settled at 3610 while prices up 1.8 rupees, now CPO is getting support at 577 and below same could see a test of 575.4 level, And resistance is now likely to be seen at 579.9, a move above could see prices testing 581.2.