CPO Futures on MCX closed higher on Friday

CPO Futures on MCX closed higher on Friday on lower level buying by the market participants. The prices have rebound in the last three trading session last week tracking international price surge. Moreover, government lowered the base import price of CPO by $22 to $725 per tonnes for 2nd half of April, their 5th consecutive fortnightly decline in base import price. Malaysian palm oil futures rose for a second consecutive session on Friday supported by stronger demand ahead of Ramadan and technical correction after sharp falls earlier this week. Palm oil exports between April 1-20 had come in weaker than expected, with traders forecasting stronger gains on the month ahead of Ramadan. Data from industry regulator showed that Malaysia palm oil output in March rose 16.3% on month while market also forecast rising output data from the Indonesia.

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