Crude palm oil slips on slow demand

Crude palm oil prices fall at the domestic market as a result of the booking of profits by the traders on account of the sluggish demand in the physical market. At the MCX, Crude palm oil future for December 2011 contract was trading at Rs. 507.60 per 10 kg, down by 0.65%, after opening at Rs. 510 against the previous closing price of Rs. 510.90. It touched the intra-day low of Rs. 507.10 till the trading. (At 3.56 PM today).

Palm oil with an annual production of 25-27 million tons is second most produced oil in the world.

Malaysia (13 million tons) and Indonesia (10 million tons) are the major producers. They together account for 85% of production.

Around 80% (21-23 million tons) of global production is exported. Malaysia and Indonesia with 12-12.5 and 6-7 million tons respectively are major exporters.

India, China and EU are the major importers.

Read more about: mcx, futures
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