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Crude palm Oil Market News Update
Crude palm Oil on MCX settled up by 0.05% at 562 tracking firmness in spot demand and overseas prices. Palm oil stockpiles in Malaysia is likely to be at 4-month high in November after India's cash ban seen curbing palm-oil imports for seventh month.
Malaysia palm oil reserves seen at 4-month high in November as per survey while output is estimated at -3% m/m to 1.63m tons. Palm oil stockpiles in Malaysia likely swelled to a four month high in November as lacklustre exports outpaced lower production in the world's second largest grower.
Inventories rose 8.3% to 1.7 million metric tons from October, in what would be the steepest monthly increase since August last year, according to the median of eight estimates from planters. According to data released by cargo surveyor-Intertek Agri Services, Malaysia's palm oil exports during the December 1-10 period are estimated down 8.3% on month at 325,509 tons.
Malaysia palm oil reserves seen at 4-month high in November as per survey while output is estimated at -3% m/m to 1.63m tons. Palm oil stockpiles in Malaysia likely swelled to a four month high in November as lacklustre exports outpaced lower production in the world's second largest grower. Inventories rose 8.3% to 1.7 million metric tons from October, in what would be the steepest monthly increase since August last year, according to the median of eight estimates from planters. According to data released by cargo surveyor-Intertek Agri Services, Malaysia's palm oil exports during the December 1-10 period are estimated down 8.3% on month at 325,509 tons.
Indonesia's production and exports of palm oil are expected to decline 10-15 percent this year, Fadhil Hasan, executive director of the Indonesian Palm Oil Association (GAPKI), told. Less output from the world's top palm oil producer could further propel prices of the edible oil, which hit a fouryear high.
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