Crude Palm Oil On MCX Settled Down By -0.18% At 494.4

Crude palm Oil on MCX settled down by -0.18% at 494.4 tracking weakness in spot demand on on profit booking and oversupply woes. Recently, the government cut the base import prices of Crude palm oil by $22 per tonne and RBD palmolein by $17 per tonne for first half of May. Export of palm oil from Malaysia is forecast to increase marginally by 3.1% on year in Oct-Sep 2016-17 to 17.15 mln tn, despite production expected to jump by 9.7% to 19.5 mln tn, the US Department of Agriculture, said in a recent report. 

The relative stagnation of Malaysia's palm oil export has been due to stiff competition from the world's biggest palm oil exporter Indonesia and other edible oils such as soybean, sunflower, canola and rapeseed oils. Indonesia, the world's largest producer of palm oil, has aggressively entered the China and India markets by lowering prices of its palm oil. Over the years, Indonesia gained market share in China and India at the expense of Malaysia, the agency said in the report.

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