Crude Palm Oil On MCX Settled Up By 0.65% At 528.5

Crude palm Oil on MCX settled up by 0.65% at 528.5 tracking firmness in spot demand and overseas 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 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. China's palm oil imports from Malaysia dropped 3.39% during Aug 1-31 to 184,750 tons compared to 191,234 tons in the same period a month ago.

However, India's palm oil import from Malaysia during Aug 1-31 spurted 11.62% to 180,940 tons compared to 191,234 tons, data showed. 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.

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