CPO Feb Futures Prices Gain Yesterday

CPO Feb Futures prices gain yesterday on clues from international markets. Moreover, good demand by the traders and stockists coupled with increase in import prices keeping prices higher in domestic market.

According to latest data released by SEA, during NovemberDecember 2015, import of refined oil (RBD palmolein) 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 rose over concerns that weather could hurt output. The dry weather effects of El Nino impacts palm's fresh fruit yields and lowers production levels. Government data from the Malaysian Palm Oil Board (MPOB) on Wednesday showed endstocks and output falling for the month of January by 12.4 percent and 19.3 percent respectively. Malaysian production is likely to decline from January to June, drawing down palm oil stockpiles. It is expected that the output may only pick up in July.

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