Futures Closed Lower Palm Oil

Futures closed lower due to cut in the tariff charges coupled with sufficient stocks with stockists and pipeline. Government has cut base import prices (tariff charges) for palm products in India for the second successive fortnight makes prices cheaper to import. For 1 st half of Mar, the prices of CPO and RBD palm oil cut by $30 and $11 a tonnes respectively.

Malaysian palm oil futures recorded a third consecutive session gains on Thursday, due to technical rebound. Palm prices are seen weakening between now and the second half of the year, as production levels are expected to recover when the effects of a crop damaging El Nino wear off. Currently, prices are affected by movements of related edible oils – soyoil as they compete in global market. Moreover, palm oil shipments from Malaysia fell between 12% and 14.2% in February from a month earlier.

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