CPO Mar Futures Prices Closed Higher

CPO Mar Futures prices closed higher on good domestic demand expected by the stockists as decrease production and squeezes inventories in Malaysia and Indonesia. CPO Mar’16 expiry closed 3.51% higher at Rs. 507.5 per 10 kg.

According to latest data released by SEA, during November-January, import of refined oil jumped to 23,50,063 tonnes from 22,93,994 tonnes in the same period of previous oil year.

Malaysian palm oil futures jumps on concerns over production due to dry weather in key producing countries and forecast a rally in prices in coming months. Moreover, Malaysia was confident that it would implement its programme for biodiesel to have a bio-content of at least 10 percent. Palm oil inventories in Malaysia probably fell to 11-month low in February. 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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