Crude Palm Oil On MCX Settled Up By 0.17% At 522.3

Crude palm Oil on MCX settled up by 0.17% at 522.3 despite of expectation of higher output from Indonesia and Malaysia. 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). Crude palm oil output in Malaysia, the world's second biggest oil producer, climbed to 1.53 million tons in June compared to 1.36 million tons in May. Malaysia's palm oil stocks in June jumped 7.7% to 1.77 million tons compared to 1.64 million tons in May, data showed.

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