Crude Palm Oil On MCX Settled Down By -0.14% At 489

Crude palm Oil on MCX settled down by -0.14% at 489 on weak demand and easing supply worries. Malaysia palm oil exports during June 1-20 slumped 15% compared to same period a month ago on subdued demand from China, and Middle East, data showed. Malaysia palm oil exports dropped to 721,020 tons during June 1-20 compared to 846,705 tons for the same period a month ago, DowJones reported citing data from Intertek, a private surveyor. Prices of palm oil will also remain down on higher import data, indicating oversupply woes.

Crude palm oil imports climbed by 25.68% in May to 492,440 tons compared to 391,796 tons imported during May 2015, data released by the Solvent Extractors Association (SEA) of India showed. Additionally, 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. 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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