CPO Jan Futures Prices Closed

CPO Jan Futures prices closed mixed due to steady demand by the traders and stockists amid sufficient stocks available at ports.

According to latest data released by SEA, during NovemberDecember 2015, import of refined oil jumped to 4,61,192 tonnes from 1,03,136 tonnes in the same period of previous oil year. Import of palm products during October 2015 is the highest in any single month at 1.11 mt. Exports too declining on concern over China’s slowing economy.

Malaysian palm oil futures closed lower on the back of stronger ringgit, which limits the export demand. Shipments of Malaysian palm oil during January 1-25 fell by 8.3 percent to 931,173 tonnes from 1,015,105 tonnes in the corresponding period last month. However, expectations of lower output in Malaysia and Indonesia capped further loss.

Palm oil output growth may decline this year in Southeast Asia as dry weather caused by the El Nino weather phenomenon affects fresh fruit yields and lowers productivity. As per Malaysian Palm Oil Board, Malaysian palm output will rise only 0.7 % in 2016 from a year ago to 20.1 mt. Moreover, Indonesia will see exports drop to about 23-24 mt as per the prediction by Indonesian Palm Oil Association is a first decline in five years as supply is directed to domestic uses.

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