CPO On MCX Settled Down -0.41% At 555

CPO on MCX settled down -0.41% at 555 on profit booking after prices gained on the back of pickup in demand at the spot market. Downside seen limited on expectation that gains in crude oil will benefit palm oil as it may boost demand for bio-diesel in Indonesia, which will reduce inventories of palm oil. Meanwhile, the tariff value of CPO increase by $25 to $764 per tonne for the 1st half of Dec compared to previous fortnight. This is third straight increase but still lower than the September tariff price. As per USDA report, ending stocks of palm oil in India in 2016/17 will dropped 30% to 381,000 tonnes compared to previous month estimates.

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