CPO Futures On MCX Closed Higher On Wednesday

CPO Futures on MCX closed higher on Wednesday tracking international prices in Malaysia. However, there is expectation of higher stock levels of edible oil in the country as oilseed crushing is going on in full swing. Moreover, government lowered the base import price of CPO by $6 to $747 per tonnes for 1st half of April. Malaysian palm oil futures closed with the biggest daily gains in over five months on Wednesday, tracking rival edible oils and on a bullish export outlook for April due to Ramadan demand. Malaysian Palm Oil Board (MPOB) is expected to show strong export figures for the month of March. A Reuters poll of seven planters, traders and analysts forecast exports to rise 7 % to 1.18 mt, while output is seen gaining 10.4% to 1.39 mt. End-stocks are likely to rise slightly by 0.1 percent to 1.46 mt, according to the survey.

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