Crude Palm Oil On MCX Settled up by 0.32% at 537.2

Crude palm Oil on MCX settled up by 0.32% at 537.2 tracking firmness in spot demand and overseas prices on supply concerns from top producers. The Malaysian Palm oil Association corrected the production data from a 11% decline announced to 3.9% increase. Meanwhile the overall supply concerns continue to prevail amid low stocks and palm oil prices may remain supported going forward. Moreover, the overall supplies globally are lower compared to previous year. This may prompt refiners and buyers to build their inventories ahead of the lower production cycle anticipating prices to rise during that period. The amendment to the Malaysia Palm Oil Association output data, from 11% decline to 3.9% increase, has significantly impacted the market.

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