CPO on MCX settled down -0.02% at 565.1 on anticipation of addition to falling export prospects for Malaysian palm oil. Indonesia's palm oil production and exports in July are likely to shrink from a month earlier. Output of palm oil from Indonesia, the world's top producer, likely dropped to 4.43 million tonnes in July, from 4.54 million tonnes in June, according to a survey of two palm oil industry groups and a state palm oil research firm. Exports of palm oil were estimated at 2.69 million tonnes, a slight decline from 2.8 million tonnes in June. While domestic consumption, driven by usage in food and biodiesel mandatory programme seen at 1.55 million tonnes, slightly lower from a month earlier at 1.6 million tonnes. At the end of July, domestic stockpiles of palm oil are estimated at 3.14 million tonnes, the highest level this year, according to the survey. Data from Indonesia's largest palm oil association GAPKI showed palm oil stockpile at the end of June came in at 3.55 million tonnes. The European Commission is also proposing 8%-18% anti-subsidy duties on biodiesel imports from Indonesia. Malaysian Palm Oil Council CEO Kalyana Sundram has said that India may import 2.5 million tonne (MT) palm oil from Malaysia following its 5% preferential duty on the edible oil. Technically market is under fresh selling as market has witnessed gain in open interest by 0.4% to settled at 5588 while prices down -0.1 rupees, now CPO is getting support at 564 and below same could see a test of 563 levels, and resistance is now likely to be seen at 566.5, a move above could see prices testing 568.
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