MCX CPO Closed Higher

MCX CPO closed higher tracing firm International prices and continue its range bound trend this week and closed on positive on Thursday tracking Malaysia futures and bargain buying seen from the lower levels. Recently, 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 a second consecutive day on Friday as they tracked a weaker performing ringgit and short covered ahead of the weekend. The ringgit, the tropical oil's currency of trade, weakened 0.2 percent to 4.3350 against the dollar in the evening. According to a Reuters poll of eight traders, analysts and planters, April-end stocks are seen rising 6.2% onmonth to 1.65 mt while Production is likely to gain 8.8% to 1.59 mt, while exports are forecast to reach 1.31 mt, up 3.2% from March.

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