MCX CPO Closed Higher Tracking Malaysian Palm Oil Prices

MCX CPO closed higher tracking Malaysian palm oil prices. However, higher import of palm oil in the country during the last two months and reduction in base import prices keep the prices lower.

As per SEA latest release, the imports of palm oil have been higher by 12 lt to 72 lt in 2017 compared to last year’s 60 lt during the first 5 months.

As per SEA, palm oil import raised 21.6% y-o-y to 7.99 lt in May on higher shipment of crude palm oil (CPO). There are good stocks in the country due to higher imports during last two month.

For the second fortnight of May, base import prices of crude palm oil were cut by $15 to $716 per tonne while for RBD Palmolein the cut was about $14 to $747 per tonne. Malaysian palm oil futures see first rise in three sessions on Thursday, tracking gains in the performance of rival edible oils on the Chicago Board of Trade (CBOT) and China's Dalian Commodity Exchange.

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