Crude Palm Oil On MCX Settled Down By -1.83% At 653.3

Crude palm Oil on MCX settled down by -1.83% at 653.3 as sluggish demand from spot market triggered the downtrend. Indonesia kept the export tax for crude palm oil at zero for a 14th month. The government sets an export tax for the vegetable oil when the reference price rises above $750 a tonne.

The Malaysian government has extended the 5% duty on export of crude palm oil, that came into effect at the beginning of this month, till the end of June, according to an official notification. However, the base import price of crude palm oil was slashed to $655 per tn from $671 per tn. India’s palm oil imports may dropped in April due to higher taxes on shipments.

As per SEA latest report, India's crude Palm oil (CPO) imports in March increased by 30.33% compared to same period a year ago despite the govt. imposed higher duty. However, Shipment of RBD palmolein dropped 25.56% to 163,222 tons compared to 219,270 tons last year. Malaysian shipments of palm oil products during May 1-25 fell 16.6% from the corresponding period last year, according to independent inspection company AmSpec Agri Malaysia on Friday.

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