Crude Palm Oil On MCX Settled Down By -0.69% At 489

Crude palm Oil on MCX settled down by -0.69% at 489 on profit booking tracking weakness in spot demand and overseas prices. However, reports of import duty hike and expectation of good demand from the stockists limited the downside. The government has cut the base import price of refined, bleached and deodorised palmolein, crude palmolein, and RBD palm oil 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 of 2017. 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). As per MPOB data, June production in Malaysia, the world's No.2 palm producer, fell 8.5 percent to 1.51 mt, leading to a decline in end stocks as well.

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