Crude Palm Oil On MCX Settled Up By 0.8% At 513.9

Crude palm Oil on MCX settled up by 0.8% at 513.9 on short covering after prices dropped on higher imports and on anticipation of higher supply from Indonesia. Reports from Malaysia showed that the world's second biggest oil producer is likely to trim export duty on CPO to 5% in August compared to 6% in July and 5.5% in June. Data released by SGS private cargo surveyor showed Malaysia palm oil export during July 1-15 jumped 2.8% to 570,631 tons compared to 555,116 tons in the same period a month ago, DowJones Reported. Palm oil output in Indonesia, the world's largest palm oil producer, is expected to rise 12.6% in June from May while inventories likely dropped to their lowest since the survey started in August 2014. Palm oil output in Malaysia also rose about 12% in June, while inventories gained for the first time in seven months, data from the Malaysian Palm Oil Board (MPOB) showed last week

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