CPO On MCX Settled Down -0.78% At 588.5

CPO on MCX settled down -0.78% at 588.5 on expectation of higher supply from Malaysia and Indonesia. Indonesia's crude palm oil (CPO) output likely fell slightly in December, ending a seven-month run of gains, a survey showed. CPO production in the South-East Asian nation likely eased to 3.22 million tons in December from 3.31 million tons in November, according to the median estimate in a survey of three industry associations and a state palm research firm. Malaysia's palm oil output may rise by 12% this year to 19.4 million tons from 17.4 million tons in 2016 while exports may rise 11.2% to 17.85 million tons from 16.05 million tons in 2016, Malaysian Palm Oil Board said. India & Subcontinent's palm oil imports from Malaysia during first 25 days of the month climbed by 60.26% to 144,175 tons as compared to 89,960 tons in Nov 1-25. Malaysia and Indonesia raised export tax and weak demand.

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