CPO On MCX Settled Up 3.86% At 532.9



CPO on MCX settled up 3.86% at 532.9 on expectation of improvement in demand at lower level. Global palm oil output is expected to rise by 5.5 million tons during oil year 2016-17. However, during current calendar year world CPO output may drop by 3.3 million tons to 59.2 million tons as El Nino brought scorching heat across Southeast Asia, hitting palm yields and lowering output, report said. In 2016, CPO output in Indonesia, the biggest palm oil producer, may fall by 100,000 tons to 32.2 million tons while in Malaysia, the world's second biggest palm oil producer, output is expected fall by 300,000 tons to 17.8 million tons. In calendar year 2017, global supplies of CPO will be tight from now until March while output may rebound by 5.7-6.3 million tons.

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