MCX CPO Closed Higher On Thursday

MCX CPO closed higher on Thursday 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 on Thursday recording a fifth consecutive day of increases and hitting a one-month peak on weaker than forecast output growth. The MPOB data showed April production rose 5.7 percent to 1.55 million tonnes. The growth was below market expectations of an 8.8 percent rise to 1.59 million tonnes, according to a Reuters poll. The MPOB data also showed endApril inventories rising 3% on-month at 1.6 mt, also below forecasts of a 6.2% growth.

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