Crude palm oil slips on slow demand

Posted By: Religare
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Crude palm oil prices fell 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 futures for January 2012 contract were trading at Rs. 538.20 per 10 kg, down by 0.72%, after opening at Rs. 541 against the previous closing price of Rs. 542.10.

It touched the intra-day low of Rs. 538 till the trading. (At 3.51 PM today).

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

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

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: futures, mcx
Story first published: Tuesday, January 10, 2012, 23:31 [IST]
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