Crude Palm Oil On MCX Settled Down By -0.06% At 485.1

Crude palm Oil on MCX settled down by -0.06% at 485.1 tracking weakness in spot demand and overseas prices. Palm oil shipments from Malaysia fell 8.9% for the full month of June from the previous month, according to data from cargo surveyor. Demand typically slows after the Muslim fasting month of Ramadan, which leads to higher palm oil usage for cooking during the Eid festivities. Production in Malaysia, the world's second-largest producer behind Indonesia, rose to 1.65 mt in May, up 6.9% from the previous month, according to the latest data MPOB.

The government has cut the base import price of refined, bleached and deodorised palmolein, crude palmolein, and RBD palm oil have been cut by $31 a tn each to $716, $713 and $706, respectively. Due to lower prices this season, the imports of palm oil have been higher by 12 lt 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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