Crude Palm Oil On MCX Settled Up By 0.32% At 538.6

Crude palm Oil on MCX settled up by 0.32% at 538.6 as support seen from global prices which were trading to their strongest daily rise in four months and a second consecutive session of gains on support from improving exports and strong physical prices. The market was also supported by concerns about a potential El Nino weather pattern returning this year. This could mean below normal rainfall in the region, which would be detrimental for crops and palm fruit yields. Australian Bureau of Meteorology said that seven of eight international models surveyed by the Australian Bureau suggested sea surface temperature will exceed el-nino during the second half of 2017. Additionally, Skymet Weather, a private weather forecaster also said that India's 2017 monsoon may be below normal at 95% of the long period average (LPA) of 887 mm from June-September period.

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