Crude Palm Oil on MCX settled down by -0.67% at 580.5 amid weakness in demand at the spot market against tight stocks position on restricted supplies. Concerns that floods on the east coast of Peninsular Malaysia could hit production also supported the market. Year-end monsoon rains which lead to floods could hit palm oil production in the short term by disrupting the harvesting process.
Trading Ideas:
* CPO trading range for the day is 574.9-590.7.
* Crude palm oil dropped amid weakness in demand at the spot market against tight stocks position on restricted supplies.
* Concerns that floods on the east coast of Peninsular Malaysia could hit production also supported the market.
* Malaysia palm oil exports during Nov 1-30 slipped 5% compared to same period a month on subdued demand from India & Subcontinent, data showed.
* Crude palm oil prices in spot market gained by 0.80 rupees and settled at 582.80 rupees.
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