MCX CPO Closed Higher Last Week

MCX CPO closed higher last week tracking firm Malaysia market. There is expectation of good demand in the physical market. The government cut the base import prices of Crude palm oil by $22 per tonne and RBD palmolein by $17 per tonne for first half of May. Moreover, last week rupee hit its strongest level in 25 month results into cheap palm oil imports.

Malaysian palm oil closed higher for the week and hitting a onemonth peak on weaker than forecast output growth. Exports of Malaysian palm oil products for May. 1-10 rose 15% to 359,355 tonnes from 312,489 tonnes shipped during Apr. 1-10, cargo surveyor. The MPOB data showed April production rose 5.7% to 1.55 mt. The growth was below market expectations.

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