Crude Palm Oil On MCX Settled Up By 1.75% At 510.3

Crude palm Oil on MCX settled up by 1.75% at 510.3 supported on the back of pickup in demand at the spot market. Palm oil imports fell by 28 per cent to 657,454 tonnes in May, in view of higher stock availability and sluggish summer demand, industry body Solvent Extractors’ Association (SEA) said. India, the world’s leading vegetable oil buyer, had imported 907,347 tonnes of palm oil in May last year. Malaysia palm oil exports during June 1-30 slipped 8.13% compared to a month earlier on subdued demand from India and Subcontinents, data showed. 

Malaysia palm oil exports dropped to 1.13 million tons during June 1-30 compared to 1.23 million tons for the same period a month ago, Dow Jones reported citing data from Intertek, a private surveyor. Moreover, Indonesia, the world's biggest oil producer, will lower the export tax for CPO to zero in July, down from $3 per ton in June, a Trade Ministry official said.

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