Crude Palm Oil On MCX Settled Up By 1.02% At 525.2

Crude palm Oil on MCX settled up by 1.02% at 525.2 on strong demand ahead of festive season despite of higher stockpiles. Prices of the palm oil is expected to be higher for the festival of Ramadan during which consumption of fried item generally shoot-up. Palm oil prices will also be up tracking global cues amid robust Malaysian palm oil export data. Malaysia palm oil exports during May 1-15 jumped 9% as compared to same period a month ago on robust demand from India & Subcontinents, data showed.

Malaysia palm oil exports jumped to 617,697 tons during May 1-15 compared to 567,280 tons for the same period a month ago, DowJones reported citing data from Intertek, a private surveyor. Crude palm oil imports climbed by 28.23% in April to 511,139 tons as compared to 398,606 tons imported during April 2015, the Solvent Extractors Association (SEA) of India showed. Malaysian Palm Oil Board of data showed that domestic stocks of the vegetable oil rose by less than expected last month.

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