Crude Palm Oil On MCX Settled Up By 0.37% At 486.7

Crude palm Oil on MCX settled up by 0.37% at 486.7 tracking firmness in spot demand and overseas prices on the back of forecasts for lower production in June. June output is scheduled to be reported on July 10 by the Malaysian Palm Oil Board. Palm oil output in Muslim-majority Malaysia, the world's second largest producer, is expected to decline or stay flat in June, due to the Ramadan and the Eid-AlFitr holiday period which leads to a shortage of workers to harvest fruit.

Production in Malaysia, rose to 1.65 mt in May, up 6.9% from the previous month, according to the latest data MPOB. Palm oil shipments from Malaysia fell 8.9% for the full month of June from the previous month, according to data from cargo surveyor. 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.

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