Crude Palm Oil On MCX Settled Up By 0.46% At 569.3

Crude palm Oil on MCX settled up by 0.46% at 569.3 amid pickup in domestic demand at the spot market. Indonesia revised bio-diesel target and after Malaysia hike export duty. Indonesia revised its target for unblended bio-diesel consumption in 2017 to 4.6 million kl, versus initial estimate of 5.5 million kl. Exports of crude palm oil from Malaysia will be taxed at 7% a ton in January compared with December's 6% levy, according to a government statement. Malaysia has a multi-tier tax rate of between 4.5% and 8.5% for exports of crude palm oil that kicks in when prices exceed 2,250 ringgit ($502.3) a ton.

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