Crude Palm Oil On MCX Settled Up By 1.3% At 539.3

Crude palm Oil on MCX settled up by 1.3% at 539.3 on strong demand in domestic market and on supply concerns. Overall production in Malaysian is expected to fall 9.8 % to 18 million tons in 2016, while yields are estimated to decline 5.3 %, according to forecasts in the government's annual economic report. Moreover, lowing import taxes may encourage cheaper edible oil imports in the domestic market from world markets. According to Intertek cargo surveyor, the export from Malaysia fell by 12.4%, estimated at 800,854 tons during the month October 1-20. Production growth in the key palm oil producing countries has been slow adding further concern to the tight veg oil supplies.

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