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 on short covering after prices dropped as there are reports 21% rise in palm imports in the month of May. However, the prices have been trading in a range on anticipation of good demand from the stockists. However, good stocks in the country due to higher imports during last month pressurizing prices. As per SEA, palm oil import rose 2.25% y-o-y to 7,52,632 tonnes in April on higher shipment of crude palm oil.

There was increase in tariff value for the palm oils in the country. Crude palm oil base import price ups to $739/tonne against $711/tonne while RBD palm oil base import price to $752/tonne against $721/tonne. Data from industry regulator the Malaysian Palm Oil Board showed May end-stocks falling 2.6% from the previous month to 1.56 mt, while production rose 6.9% to 1.65 mt.

Exports saw a 17.3% surge in shipments to 1.51 mt. Moreover, Malaysian palm oil shipments in the first 10 days of June grew at a smaller rate, 5.8%, versus the corresponding period last month. 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.

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