Crude Palm Oil On MCX Settled Up By 1.14% At 516

Crude palm Oil on MCX settled up by 1.14% at 516 on lower level buying by the market participants. However upside seen limited on expectation of higher stock levels of edible oil in the country as domestic oilseed crushing is going on in full swing. Moreover, government lowered the base import price of CPO by $22 to $725 per tonnes for 2nd half of April, their 5th consecutive fortnightly decline in base import price. Data from industry regulator showed that Malaysia palm oil output in March rose 16.3% on month while market also forecast rising output data from the Indonesia. 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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