Crude Palm Oil On MCX Settled Up By 0.29% At 490.4

Crude palm Oil on MCX settled up by 0.29% at 490.4 tracking gains in overseas prices and bargain buying seen from the lower levels. Data from cargo surveyors showed shipments of the tropical oil rising between 4.3% and 4.6% month-on-month in April but there is expectation of increase in production which may improve the stock levels. 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. Indonesia's crude palm oil (CPO) output likely rose in March after falling for the previous three months, as better weather improved output, a survey showed. CPO production in Indonesia, the world's top producer of the widely used cooking oil, likely rose to 3.08 million tonnes in March from 2.80 million tonnes in February, according to the median estimate in a survey of two industry associations and a state palm research firm.

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