MCX CPO Closed Flat On Thursday

MCX CPO closed flat on Thursday on reports of good stocks in the country due to higher imports during last month. As per SEA, palm oil import rose 2.25% y-o-y to 7,52,632 tonnes in April on higher shipment of crude palm oil (CPO) There was increase in tariff value for the palm oils in the country. Crude palm oil base import price ups to $739/tonne against $711/tonne while RBD palm oil base import price to $752/tonne agains $721/tonne.

Malaysian palm oil fell on Thursday on forecasts of rising output and declining export demand. Palm oil output in Malaysia, the world's second-largest producer of the tropical oil, is seen gaining in the second half of this year on seasonal demand and as it recovers from the crop-damaging effects of El Nino.

Moreover, palm oil shipments are seen falling after the festive season of Eid-al-Fitr, the holiday that marks the end of the fasting period, on less consumption and lower demand. Market participants are expecting pressure on prices this week due to stronger ringgit and the forecast of better output.

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