Crude Palm Oil On MCX Settled Up By 0.36% At 579.2

Crude palm Oil on MCX settled up by 0.36% at 579.2 tracking firmness in spot demand on supply worries. Production of crude palm oil dropped 6.1% to 1.57 million tons in November from a month earlier and the stocks were around 89,000 million tons down by 49% on yearly basis as per Malaysian Palm Oil Board report. As per SEA data, Palm oil imports fell by 8.27% to 8,01,311 tonnes in November this year, on expected bumper oilseeds crop and better domestic edible oils supply. As per USDA, the imports in 2016/17 will be higher by 14% to 10 mt and consumption too increases by 11% in India.

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