MCX CPO Closed Lower On Tuesday

MCX CPO closed lower on Tuesday tracking weakness in international prices and expectation of higher supplies of edible oil in the domestic market.

The government has increased the base import prices of Crude palm oil by $9/tonne and RBD by $6/tonne for 2nd half of May but it might be revised down for the next fortnight.

As per SEA, During Nov.’16 – Apr.’17, Import of palm oil decreased to 43 lt from 43.4 lt during the same period last year. The overall stock of edible oil as on 1st May, 2017 has increased by 207,000 tonnes to 21.2 lakh tonnes compared to stocks on 1st Apr., 2017.

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