Crude Palm Oil On MCX Settled Down By -0.59% At 488.7

Crude palm Oil on MCX settled down by -0.59% at 488.7 tracking weakness in spot demand and overseas prices on higher output in Malaysia. Palm oil output in Malaysia, the world's second biggest palm oil producer, jumped by 7% during month of May, data released by Malaysian Palm Oil Board showed. Palm oil output during May rose to 1.65 million tons compared to 1.58 million tons in April.

Exports of palm oil from Malaysia during April climbed to 1.50 million tons compared to 1.28 million tons. Malaysia palm oil exports during June 1-10 jumped 6% as compared to same period a month ago on robust demand from China India & Subcontinents and Middle East, data showed. Malaysia palm oil exports jumped to 366,994 tons during June 1-10 compared to 346,920 tons for the same period a month ago, DowJones reported citing data from Intertek, a private surveyor.

China's palm oil imports from Malaysia during June 1-10 26,900 tons as compared to 20,630 tons in the same period a month ago. Malaysia's palm oil exports to India during June 1-10 jumped two fold to 127,100 tons compared to 55,500 tons imported during May 1-10. Middle East's palm oil imports during Jun 1-10 from Malaysia rose four fold to 127,100 tons compared to 7,770 tons during same period a month ago.

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