Crude Palm Oil On MCX Settled Up By 1.08% At 485.4

Crude palm Oil on MCX settled up by 1.08% at 485.4 tracking firmness in spot demand due to reports of import duty hike. 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. 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.

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). There are good stocks in the country due to higher imports during last two months. 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. Top buyers were India, subcontinent at 283,300 tons (360,400 tons), European Union at 257,666 tons (233,570 tons) and China at 120,400 tons (114,290 tons).

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