CPO Futures Closed Higher On Tuesday

CPO Futures closed higher on Tuesday tracking international prices and expectation of good demand. The imports of palm oil during Feb are higher compared to previous month which implies that the consumption demand is good in the country. Recently, government has cut base import prices (tariff charges) for palm products in India for the third successive fortnight making prices cheaper to import. Malaysian palm oil futures closed higher on Tuesday tracking stronger soyoil prices and supported by forecasts of weaker output. Soybean oil on the Chicago Board of Trade was up 0.5%. Palm oil shipments from Malaysia showed a 3-8% decline in shipments for the first 20 days of March from the same period the month before. Malaysian output fell 1.4 percent in February from January, while end-stocks declined 5.3% to 1.46 mt.

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