Crude Palm Oil Ended With Gains

Crude palm oil ended with gains as the European Union (EU) mulled action on anti-dumping duties. The prices were supported due to increase in tariff value for Crude palm oil and higher demand for coming festival season coupled with higher import duty also supports prices. Recently government raised import duty on crude palm oil to 15% from 7.5%, and on refined palm oil to 25% from 15% but higher stocks in the country is having bearish impact.

According to SEA release, during November-July period, palm oil import increased to 67.41 lakh tonnes from 61.75 lakh tonnes during the same period of the previous oil year. According to cargo surveyor Societe Generale de Surveillance (SGS), Malaysia’s August palm oil exports fell 0.1 percent to 1,259,240 from 1,260,143 tons last month.

Malaysia palm oil exports during Aug 1-31 fell 0.79% compared to same period a month on subdued demand from China, European Union, US, Kora, Pakistan, Bangladesh, Egypt and South Africa, data showed. Malaysia palm oil exports fell to 1.25 million tons during Aug 1-31 compared to 1.26 tons for the same period a month ago, DowJones reported citing data from SGS, a private surveyor.

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