Crude Palm Oil On MCX Settled Down By -0.75% At 489

Crude palm Oil on MCX settled down by -0.75% at 489 due to expectation of production recovery in Indonesia and Malaysia. Expectation of higher output from Malaysia and Indonesia kept price down while positive Malaysian palm oil export data cushioned sharp fall. Production in Malaysia and Indonesia, which produce about 85% of the world's palm oil, is expected to recover as the lingering effects of a crop-damaging el-nino wear off. CPO prices were also down as the secretary-general of Indonesian Palm Oil Association said that palm oil output in the world's biggest palm oil producer may jump by more than 10% this year compared to last year as trees recover after el-nino. Malaysia palm oil exports during Apr 1-30 jumped 5% as compared to same period a month ago on improved demand from China, and Middle East, data showed.

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