Crude Palm Oil On MCX Settled Up By 0.61% At 594.8

Crude palm Oil on MCX settled up by 0.61% at 594.8 supported by pickup in demand at the spot market. Further, restricted supply from the producing belts also added support to crude palm oil prices uptrend. Malaysia, the world's second-largest palm oil producer after Indonesia, will raise its crude palm export tax to 7.5% in February, up from 7% in January, according to Malaysian Palm Oil Board. The Southeast Asian nation calculated a palm oil reference price of RM3,279.76 (US$734.71) per tonne for February. A price above RM2,250 incurs a tax, which starts from 4.5% and can reach a maximum of 8.5%. Volatile weather conditions are behind this declining CPO production: after a dry spell (caused by the El Nino weather phenomenon), there emerged wetter-than-usual conditions (La Nina) in the last quarter of 2016.

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