MCX CPO Closed Higher On Wednesday

MCX CPO closed higher on Wednesday tracking firm International prices and amid good physical demand and increasing tariff value. As per SEA, During Nov.’16 – Apr.’17, Import of crude oil decreased to 56.3 lt from 61.8n lt tons during the same period of last year. The government cut the base import prices of Crude palm oil by $9/tonne and RBD by $6/tonne for 2 nd half of May.

Malaysian palm oil closed higher due to strong local and overseas demand. There are still bullish sentiments due to good exports. 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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