CPO Jan Futures Prices Closed Lower Yesterday

CPO Jan Futures prices closed lower yesterday by 0.12% at Rs. 411.0 per 10 kg on profit booking due to indication of lower demand. According to latest data released by SEA, country has set a new record for highest import of palm products in Oil year 2014-15, which has created a glut in domestic market. Import of palm products during October 2015 is the highest in any single month at 1.11 mt.

Malaysian palm oil futures fell yesterday on concerns of slowing demand after data showed exports declined. Exports from Malaysia, the world's second largest palm oil producer after Indonesia, have been falling as demand from top consumers China and India slows down. There is expectation that the December production due to year-end monsoon rains and El Nino-related dryness.. Lower production would help reduce current stockpiles and support prices. Palm-oil stocks in Malaysia, one of the world's largest producers of the oil, are 28% higher than a year ago. Moreover, on month on month basis, Malaysian Palm-oil stocks totaled 1.75 million tons at the end of November, up 2.6% from October.

As per trade ministry official, Indonesia, top producer, has kept export tax for crude palm oil in December at zero, unchanged from November.

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