Crude Palm Oil Settled Up By 0.93% At 403.6

Crude palm Oil settled up by 0.93% at 403.6 driven by pickup in demand in the spot market. Further, firming trend in the overseas market too fuelled the uptrend. Palm oil prices were supported after Indonesian crude palm oil production slipped 7% in November to 2.8 million tons from a month ago, as the harvest season ended and monsoon weather arrived in key growing areas. Malaysia palm oil exports during Dec 1-20 slumped 24.91% from a month earlier on weak demand from China, European Union, India & subcontinent, and Middle East, DowJones reported. 

Malaysia palm oil exports dropped to 728,421 tons during Dec 1-20 compared to 907,057 tons for the same period a month ago, Dow Jones reported citing data from Intertek a private surveyor showed. As per the December 9 USDA report, global vegetable oil stocks are projected at 16.1 million tons, down 2.3 million mainly on lower palm oil stocks in Indonesia, Malaysia, and India.

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