CPO Apr Futures Closed Lower

CPO Apr Futures closed lower on yesterday on profit booking at higher levels. CPO May’16 expiry closed lower by 0.25% to settle at Rs. 556.9 per 10 kg. According to latest data released by SEA, during Nov-Mar, palm oil import has marginally increased to 36 lt tonnes from 34.86 lt during the same period of last year. There is an anticipation of steady physical demand from stockists and traders on anticipation of lower oilseeds production this year.

Malaysian palm oil fell on Thursday tracking European vegetable oil market and on a slightly stronger ringgit, which led to a downtrend in benchmark prices. Expectation of improved demand and forecasts of lower stockpiles may keep prices supported.

Global output may be smaller than previously expected and fall to 61.25 million metric tons this year, the first decline in over 20 years, industry researcher Oil World said in a May 3 report.

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