CPO Futures On MCX Closed Lower On Thursday

CPO Futures on MCX closed lower on Thursday 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 fell on Thursday evening on expectations of a rebound in production, retreating from a one-week high hit in the previous session. 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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