Palm Oil On MCX Settled Down By -0.91% At 520.2

Palm Oil on MCX settled down by -0.91% at 520.2 tracking drop of prices in international prices and spot market demand. Increase in tariff value too support prices in the country. The government increases the base import prices of Crude palm oil by $9/tonne and RBD by $6/tonne for 2nd half of May. As per SEA, During Nov.’16 – Apr.’17, Import of palm oil decreased to 43 lt from 43.4 lt during the same period of last year. The overall stock of edible oil as on 1st May, 2017 has increased by 207,000 tonnes to 212 lakh tonnes compared to stocks on 1st Apr., 2017.

Exports of Malaysian palm oil products for May 1 - 20 rose 20 % to 846,705 tonnes from 705,372 tonnes shipped during April 1 - 20, cargo surveyor Intertek Testing Services said. Palm oil output is seen rising in line with the seasonal trend and as trees recover from damage caused by the El Nino weather pattern, production growth is not as strong as forecast.

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