CPO Futures On MCX Closed Lower

CPO Futures on MCX closed lower on Thursday tracking Malaysia futures and strong rupee resulting in cheaper imports. This week rupee hit its strongest level in 25 month to close at 64.33 against dollar. 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 fall on Thursday on profit booking and weigh down by bearish sentiments over weak exports and forecast of rising production. Shipments from Malaysia, the world's second-largest palm producer, fell month on month by in the April 1-25 period, with data from two cargo surveyors putting the decline at 1.2 percent and 3.4 percent respectively.

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