On MCX Settled Down By -0.26% At 491.5

On MCX settled down by -0.26% at 491.5 tracking weakness in spot demand despite of lower stockpiles from Indonesia. Crude palm oil imports climbed by 28.23% in April to 511,139 tons as compared to 398,606 tons imported during April 2015, the Solvent Extractors Association (SEA) of India showed. Moreover, Indonesia's CPO output in April rose to 3.1 million tons compared to 2.9 million tons in March, data showed. Indonesian palm oil stockpiles during April fell to 888,000 tons in April from 1.4 million tons in the same period a month ago. Malaysian Palm Oil Board of data showed that domestic stocks of the vegetable oil rose by less than expected last month.

At 1.60m tonnes, they were up 3.0% month on month, but some 50,000 tonnes short of market forecasts. The weakness in Malaysian stocks reflected a disappointing production number, of 1.59m tonnes, some 45,000 tonnes below market expectations, for a month when output is in the early stages of a seasonal recovery towards highs around September. Output - while 19.0% above last year's figure, which was undermined by drought stemming from El Nino – remained 145,000 tonnes below the result for April 2015, before the dryness struck.

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