Crude Palm Oil On MCX Settled Up By 0.84% At 565.4



Crude palm Oil on MCX settled up by 0.84% at 565.4 on hopes higher demand for bio-fuel and on supply worries in global market. Prices of palm oil were up on supply worries from Indonesia, the world's biggest palm oil producer. 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 were also up 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. Indonesia's production and exports of palm oil are expected to decline 10-15 percent this year, Fadhil Hasan, executive director of the Indonesian Palm Oil Association (GAPKI), told.

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