MCX CPO Closed Higher On Monday

MCX CPO closed higher on Monday tracking firm Malaysia market and increasing tariff value. There is expectation of good demand in the physical market. The government cut the base import prices of Crude palm oil by $9/tonne and RBD palmolein by $6/tonne for second half of May.

Malaysian palm oil on Monday as market sentiment rose alongside higher exports figures ahead of festivities, and firm soyoil prices provided support. Exports of Malaysian palm oil products for May 1-15 rose 8.9% shipped during Apr. 1-15, as per intertek. The MPOB data showed April production rose 5.7% to 1.55 mt. The growth was below market expectations.

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