Crude Palm Oil On MCX Settled Down

Crude palm Oil on MCX settled down by -2.33% at 557.5 on profit booking after prices gained on supply worries and strong demand. Downside was limited on production concerns in Malaysia fuelled by forecast of heavy year end rain which may hinder harvest and transport process. However downside seen limited on expectation that sharp rally in global crude oil prices will benefit palm oil as it may boost demand for bio-diesel in Indonesia, which will reduce inventories of palm oil. Malaysia’s palm oil products during November 1 to 25 fell 9.6 per cent to 895,625 tonnes compared with 990,939 tonnes during October 1 to 25. 

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