Crude Palm Oil On MCX Settled Up By 0.96% At 570.8



Crude palm Oil on MCX settled up by 0.96% at 570.8 on reports of sharp fall in Malaysian palm oil output during first five days of December. Prices also seen supported on lower imports in the domestic market amid lesser supplies at source nation. Reports of fall in production by 20% during first 5 days of December as compared to previous month same time by Southern Peninsula Palm Oil Millers' Association triggered the sharp rally. Although exports are low due to high prices and seasonally lean demand, the focus is on supply tightness which may continue to drive price higher. Palm oil stockpiles in Malaysia likely swelled to a four month high in November as lacklustre exports outpaced lower production in the world's second largest grower. Inventories rose 8.3% to 1.7 million tons from October, in what would be the steepest monthly increase since August last year, according to the planters.

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