MCX CPO Fell More Than 1.5% Yesterday

MCX CPO fell more than 1.5% yesterday tracking weak international prices. However, the prices have been trading in a range on anticipation of good demand from the stockists as there is good demand for edible oil in monsoon. Stronger Indian Rupees also pressurize prices as it appreciated about 0.23% on Tuesday making the imports cheaper. However, good stocks in the country due to higher imports during last month pressurize prices last week. 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 futures hit a 10-month low in the second half of trade on Tuesday on the back of a stronger ringgit, while expectations of rising output and weaker export growth also weighed on the market.

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