Crude Palm Oil On MCX Settled Up By 0.96% At 569.7

Crude palm Oil on MCX settled up by 0.96% at 569.7 after pickup in demand in the spot marke and tight stocks position on restricted supplies. 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. Palm oil output in world No.1 producer Indonesia is expected to grow by around 10 percent in 2017 as planters devote more land to the crop, although the aftermath of last year's El Nino weather pattern is likely to drag on yields. That increase could pressure global prices for palm that have risen about 25 percent this year on worries over tight supply of the oil, used in everything from chocolate to cosmetics and biofuels. 

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