Crude Palm Oil On MCX Settled Up By 1.22% At 489.7

Crude palm Oil on MCX settled up by 1.22% at 489.7 driven by a firm demand at the spot market. Besides, a firming trend in overseas markets also added support to crude palm oil prices uptrend. Palm oil output in Malaysia, the world's second biggest palm oil producer, jumped by 7% during month of May while exports rose by 17%, 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. As per SEA latest release, the imports of palm oil have been higher by 12 lakh tonnes to 72 lt in 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).

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