Crude Palm Oil On MCX Settled Up By 0.08% At 595.3

Crude palm Oil on MCX settled up by 0.08% at 595.3 amid supply worries from Malaysia and on strong Malaysian palm oil export data for Dec 1-15. Palm oil shipments rose 12% from 464,582 tons in Dec. 1-15 period, according to Societe Generale de Surveillance. Malaysia Feb. Crude Palm Oil Export Tax raised to 7.5%. The MPOB monthly data for December has reconfirmed the supply tightness for Palm oil. Production has declined by 0.10 mn in line with the seasonal trend of production decline. Lower exports have offset the lower production which led to a steady stock. Stock continues to be on a five year low keeping the supply tightness story intact.

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