Crude Palm Oil On MCX Settled Up By 0.78% At 557.3

Crude palm Oil on MCX settled up by 0.78% at 557.3 on supply worries from Indonesia, the world's biggest palm oil grower. Prices also seen supported on supply worries from Indonesia, the world's biggest oil producer, after Indonesian Palm Oil Association Chairman said at industry conference in Bali that production may be 30.9 million tons due to impact of El Nino on palm oil trees. This may be the first drop in output in world's biggest grower in 20 years. Prices of palm oil were also supported by lower stockpiles of oil in local market after United States Department of Agriculture (USDA) said ending stocks of palm oil in India in 2016-17 will dropped 30% in October to 381,000 tons compared to previous month estimates.

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