Crude Palm Oil On MCX Settled Down By -0.71% At 518.6

Crude palm Oil on MCX settled down by -0.71% at 518.6 amid expectation of higher output from Indonesia and Malaysia. However, sharp fall in the prices was cushioned by higher demand following improved Malaysian Palm oil export data. Palm oil imports by India probably fell June as demand weakened and near-record stockpiles prompted traders and refiners to curb purchases. Crude palm oil imports slipped 27.28% to 415,580 tons in June compared to 571,496 tons in the same period a month ago, data release from the Solvent Extractors Association (SEA) of India showed.

Malaysian palm oil exports during June dropped 11.7% on weak demand while output jumped 12.3%, data showed. Malaysia's palm oil exports slipped to 1.13 million tons compared to 1.28 million tons in the same period a month ago, DowJones reported citing the Malaysian Palm oil Board (MPOB).

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