Crude Palm Oil On MCX Settled Up By 0.33% At 510.2

Crude palm Oil on MCX settled up by 0.33% at 510.2 on short covering after prices dropped weighed down by expectations of rising output in the top producers, Malaysia and Indonesia. Prices of the oil were down as latest data published by Malaysian Palm Oil Board (MPOB) showed higher CPO output and stockpiles during March month. Palm oil output in South-East Asia is expected to rebound this year, notably from the second half, as fresh fruit bunch yields recover from the crop-damaging effects of a dry El Nino weather pattern. 

Malaysian production jumped 16.3 per cent month-on-month in March for its first monthly gain since September. Exports of Malaysian palm oil products for April 1-15 rose 15.2 per cent to 567,280 tonnes, from 492,321 tonnes during March 1-15, cargo surveyor Intertek Testing Services said. Government lowered the base import price of CPO by $22 to $725 per tons for second half of April, their fifth consecutive fortnightly decline in base import price.

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