Crude Palm Oil On MCX Settled Up

Crude palm Oil on MCX settled up by 1.48% at 556 on supply concerns and strong demand. Prices of palm oil will be up on supply worries from Indonesia, the world's biggest palm oil producer. Indonesian Palm Oil Association Chairman said at industry conference in Bali that production may be 30.9 million tons due to impact of El-Nino on palm oil trees. 

This may be the first drop in output in world's biggest grower in 20 years. Prices will also be up on hope of strong demand after the US government raised the amount of biofuel that refiner must use in gasoline. Prices of palm oil will also be supported by lower stockpiles of oil in local market after United States Department of Agriculture (USDA) said ending stocks of palm oil in India in 2016-17 will dropped 30% in October to 381,000 tons compared to previous month estimates. 

Malaysia palm oil exports during Nov 1-15 dropped 17% compared to a month earlier on subdued demand from China, European Union, and India & Subcontinent, data showed. Malaysia palm oil exports slipped to 520,670 tons during Nov 1-15 compared to 627,864 tons for the same period a month ago, DowJones reported citing data from Intertek, a private surveyor. Malaysia Palm Oil Board in its monthly report said stockpiles in October jumped by 1.8% to 1.57 million tons.

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