Crude Palm Oil On MCX Settled Up By 1.05% At 536.9

Crude palm Oil on MCX settled up by 1.05% at 536.9 on buying at lower level and on supply worries following reports of el-nino in second half of the year. 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. Indonesia's crude palm oil output likely dropped in February, extending the decline into a third straight month, a survey showed. CPO production in the world's top producer of the widely used oil likely slipped to 2.80 million tonnes in February from 2.95 million tonnes in January, according to the median estimate in a survey of two industry associations and a state palm research firm.

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