Crude Palm Oil On MCX Settled Down By -0.71% At 530.6

Crude palm Oil on MCX settled down by -0.71% at 530.6 driven by low demand in the spot market and higher output in Indonesia. 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.

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