Crude Palm Oil On MCX Settled Flat

Crude palm Oil on MCX settled flat as prices pared gains on expectations of rising production for the month of July. Prices remained under pressure on forecasts that July production levels will be higher on-month from 1.51 million tonnes reached in June. Earlier, 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.

However, reports of import duty hike and expectation of good demand from the stockists may support price. 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).

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