Crude Palm Oil On MCX Settled Up By 0.21% At 486.1

Crude palm Oil on MCX settled up by 0.21% at 486.1 on short covering after prices dropped on higher stockpiles in domestic market and prospects of robust output from Indonesia. Prices of CPO were under pressure after India's Crude palm oil imports climbed by 37.73% in June to 572,388 tons compared to 415,580 tons imported during June 2016. Further, government of India on July 14 also trimmed CPO tariff value to $693 per tons compared to $697 per tons.

Stocks of edible oil in ports and pipeline are estimated at 2.278 million tons as on July 1 compared to 2.320 million tons a year ago and 2.160 million tons in May, data showed. India's monthly requirement is about 1.750 million tons and operates at 30 days stock against which currently holding stock over 2.278 million tons equal to 39 days requirements. Food Ministry is not in favour of raising the import duty on palm oils and has instead recommended cutting the duty on crude palm oil to increase the import duty differential between crude and refined palm oils.

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