Crude Palm Oil On MCX Settled Up By 0.99% At 499.3

Crude palm Oil on MCX settled up by 0.99% at 499.3 on expectations of rebound in demand ahead of Ramadan. However, the prices may pressurize later in the week on higher production estimates. According to sources, April-end stocks are seen rising 6.2% on-month to 1.65 mt while Production is likely to gain 8.8% to 1.59 mt, while exports are forecast to reach 1.31 mt, up 3.2% from March. 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. 

Moreover, last week rupee hit its strongest level in 25 month results into cheap palm oil imports. Stocks of crude palm oil in Malaysia, the world's second-largest producer, rose to some 1.55m tonnes, data from the Malaysian Palm Oil Board (MPOB), showed. Particularly striking is the fact that this growth in stocks came despite brisk exports, which rose by some 14% month-on-month in March, to 1.27m tones, well ahead of analyst expectations, for exports of 1.18m tonnes.

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