Crude Palm Oil On MCX Settled Up By 0.68% At 487.3

Crude palm Oil on MCX settled up by 0.68% at 487.3 tracking firmness in spot demand despite of higher stockpiles in domestic market and prospects of robust output from Indonesia. Market participant expects CPO output from Malaysia during July month to rise following estimates of higher production between July 1-10. CIMB sees July production to grow by 15% on monthly basis due to spillover of harvesting activity from June as workers return from holiday.

Further, subdued demand following weak Malaysian palm oil export data will also keep prices down. Malaysia palm oil exports slumped to 360,114 tons during July 1-10 compared to 366,994 tons for the same period a month ago on subdued demand from India and Middle East, DowJones reported citing data from Intertek, a private surveyor. According to cargo surveyor Intertek Testing Services (ITS), Malaysia’s June palm oil exports fell 8.9 percent to 1,190,583 tons v/s 1,306,374 tons in corresponding period last month.

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