Crude Palm Oil On MCX Settled Flat

Crude palm Oil on MCX settled flat tracking weakness in overseas prices and on reports of higher imports of palm oil during the last two months. Moreover, reduction in base import prices too pressurizes prices. As per SEA latest release, the imports of palm oil have been higher by 12 lakh tonnes to 72 lt in the calendar year 2017 compared to last year’s 60 lt during the first 5 months.

As per SEA, palm oil import raised 21.6% y-o-y to 7.99 lt in May on higher shipment of crude palm oil (CPO). There are good stocks in the country due to higher imports during last two month. For the second fortnight of May, Base import prices of crude palm oil were cut by $15 to $716 per tonne while for RBD Palmolein the cut was about $14 to $747 per tonne.

Malaysian palm oil futures record their sharpest daily drop in a week as the market tracked a weaker performance in rival oils and slow export demand. Palm is down nearly 6 percent in the second quarter of the year from the previous quarter, as an increase in output has put pressure on prices. Malaysia shipment fell about 15% percent during June 1-20 versus the corresponding period last month on subdued demand from China and Middle East.

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