CPO On MCX Settled Down -0.34% At 521.7

CPO on MCX settled down -0.34% at 521.7 on profit booking amid expectation of higher output from Malaysia. Prices of the oil were down as Malaysia Palm Oil reserves are expected to rise during March month. Inventories are expected to rise by 4.1% to 1.52 million tons in March as compared to previous month while production estimated to increase by 9.5% to 1.38 million tons from February. Indonesia's palm and palm kernel oil exports in February shrank 7 percent from the same period a month earlier, the Palm Oil Association (GAPKI) said. Indonesia exported 2.53 million tonnes of palm and palm kernel oils in February, down from 2.72 million tonnes in January, amid an increase in export taxes and declining production, the group said in a statement. Indonesia's crude palm oil (CPO) output likely dropped in February, extending the decline into a third straight month, a Reuters survey showed.

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