Crude Palm Oil On MCX Settled Down By -0.88% At 562.5



Crude palm Oil on MCX settled down by -0.88% at 562.5 dropped on profit booking after prices rose supported by pick-up in demand at the spot market and firming trend in overseas markets. Palm oil output in world No.1 producer Indonesia is expected to grow by around 10% in 2017 as planters devote more land to the crop, although the aftermath of last year’s El Nino weather pattern is likely to drag on yields. That increase could pressure global prices for palm that have risen about 25% this year on worries over tight supply of the oil, used in everything from chocolate to cosmetics and biofuels. Indonesia is forecast to see production levels of 30-32 million tonnes this year, down from 35.5 million tonnes in 2015.

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