Crude Palm Oil Ended With Flat Node



Crude palm oil ended with flat node amid subdued demand following weak Malaysian palm oil export data. Malaysia palm oil exports during June 1-15 slumped 18% compared to same period a month ago on subdued demand from European Union and Middle East. Malaysia palm oil exports dropped to 508,960 tons during June 1-15 compared to 359,355 tons for the same period a month ago, DowJones reported citing data from Intertek, a private surveyor.

Palm oil output in Malaysia, the world's second biggest palm oil producer, jumped by 7% during month of May while exports rose by 17%, data released by Malaysian Palm Oil Board showed. Palm oil output during May rose to 1.65 million tons compared to 1.58 million tons in April. Exports of palm oil from Malaysia during April climbed to 1.50 million tons compared to 1.28 million tons.

According to China’s General Administration of Customs (CNGOIC), China’s April palm oil imports rose 54.6 percent to 4.24 lakh tons compared to April 2016. Year to date imports of palm oil rose 16.91 percent to 16.76 lakh tons compared to corresponding period last year. Imports from Indonesia in April rose 117.02 percent to 2.94 lakh tons compared to April 2016. Year to date imports of palm oil from Indonesia rose 13.7 percent to 11.36 lakh tons compared to corresponding period last year.

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