CPO On MCX Settled Down -0.56% At 492.8

CPO on MCX settled down -0.56% at 492.8 on muted demand in local mandis and higher stockpiles. Higher stockpiles in domestic market following robust import data and muted demand due to ongoing festive season kept prices under pressure.

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. Moreover, Indonesia's CPO output in April rose to 3.1 million tons compared to 2.9 million tons in March, data showed. Palm oil import rose 2.25 per cent to 7,52,632 tonnes in April on higher shipment of crude palm oil (CPO), industry body Solvent Extractors Association (SEA) said.

India, the world's leading vegetable oil buyer, had imported 7,36,036 tonnes palm oil in April 2016. The country's total vegetable oil import grew by 7 per cent to 13,39,489 tonnes in April this year, from 12,48,887 tonnes in the year-ago period. Palm oils comprise 62 per cent of the total vegetable oil import. According to China’s General Administration of Customs (CNGOIC), China’s April palm oil imports rose 54.6 percent to 4.24 lakh tons compared to April 2016.

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