Crude Palm Oil On MCX Settled Up By 0.33% At 518.2



Crude palm Oil on MCX settled up by 0.33% at 518.2 tracking firmness in spot demand and overseas prices supported by stronger demand ahead of Ramadan. Palm oil exports between April 1-20 had come in weaker than expected, with traders forecasting stronger gains on the month ahead of Ramadan. Malaysia palm oil exports during Apr 1-25 slipped 3% as compared to same period a month ago on weak demand from European Union, China and India, data showed. 

Malaysia palm oil exports fell to 866,276 tons during Apr 1-25 compared to 896,621 tons for the same period a month ago, DowJones reported citing data from Intertek, a private surveyor. India's palm oil imports from Malaysia during Apr 1-25 fell by 24.23% to 155,400 tons as compared to 205,100 tons imported during Mar 1-25. The area under palm plantations is likely to increase significantly in the coming years, with the government's relaxation in norms for subsidy and foreign direct investment (FDI), to promote sourcing of vegetable oil from domestic sources.
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