Crude Palm Oil On MCX Settled Down By -0.1% At 577.9

Crude palm Oil on MCX settled down by -0.1% at 577.9 on profit booking after prices gained amid supply worries from Malaysia and on strong Malaysian palm oil export data. Fundamentals are still positive on tight supplies and weak production. Palm Oil stockpiles in Malaysia Seen slumping to 5-month Low. January inventories is estimated -11% m/m to 1.49 million tons. Output is estimated -9.5% m/m to 1.33 million tons. China’s imports plunged 24 percent to 4.48 million metric tons in 2016, the lowest since 2005, as benchmark futures surged 25 percent after El Nino squeezed supplies in Indonesia and Malaysia. With production set to recover in the two biggest producers in the second half, prices should fall to levels that attracts Chinese buying.

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