Crude Palm Oil On MCX Settled Up By 0.83% At 487.3

Crude palm Oil on MCX settled up by 0.83% at 487.3 on hope that government may hike import duty on edible oil in near-term. Earlier in the month, the base import prices of refined, bleached and deodorised palm oil, refined, bleached and deodorised palmolein and crude palmolein have been cut by $12 per tonne each for first half of August which have put pressure on prices. Moreover, higher imports and stock data are keeping the prices under pressure.

Imports of palm oil increase by 35% on Year to 8.2 lakh tonnes compared to 6.1 lt last year. During the first 8 months of current oil year, the imports are higher by 5.7% to 59.21 lt compared to 56 lt last year same period. Palm oil production shows seasonal gains in the second half of the year, but industry players still expect the lingering effects of a crop damaging El Nino to affect yield.

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