Crude Palm Oil On MCX Settled Down By -1.05% At 489.7

Crude palm Oil on MCX settled down by -1.05% at 489.7 despite good jump in soy oil and oilseed prices in the market. However, there are reports of good stocks in the country due to higher imports during last month. 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. Palm oil output in Indonesia and Malaysia is set to rise in the 2nd half of this year due to seasonal increase.

There is steep falls in Chinese edible oil prices last week due to a supply glut which has affected the soybean processing margins in the past three months. 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. Year to date imports of palm oil rose 16.91 percent to 16.76 lakh tons compared to corresponding period last year.

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