Crude Palm Oil On MCX Settled Down By -1.58% at 528.1

Crude palm Oil on MCX settled down by -1.58% at 528.1 on profit booking after prices gained on robust demand following strong Indonesia and Malaysia CPO export data. In April, export of palm oil from Indonesia, the world's largest palm oil supplier, jumped 20% to 2.09 million tons on month, the Indonesian Palm Oil Association (GAPKI) said. Malaysia palm oil exports during May 1-31 climbed 11.81% compared to a month earlier on improved demand from China, European Union, India & Subcontinent and Middle East, data showed. 

Malaysia palm oil exports jumped to 1.23 million tons during May 1-31 compared to 1.10 million tons for the same period a month ago, Dow Jones reported citing data from Intertek, a private surveyor. Malaysia government may hike the amount of palm oil in diesel fuel pool for the transport sector to 10% beginning in June compared to 7% currently. The Malaysian Palm Oil Council predicted that palm oil prices would firm up over the next five-six months and that productivity is likely to be affected by about 10 per cent due to the El Nino impact on its output and other oilseeds.

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