Crude palm oil prices surge on demand

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Crude palm oil prices rose at the Multi Commodity Exchange (MCX) as the traders increased their holdings on expectations of a rise in the demand in the spot markets. At the MCX, Crude palm oil future for November 2011 contract was trading at Rs. 512.80 per 10 kg, down by 0.77%, after opening at Rs. 513.80 against the previous closing price of Rs. 516.80. It touched the intra-day low of Rs. 511.30 till the trading. (At 3.51 PM today).

Palmoil 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: crude oil, mcx, futures
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