MCX CPO Traded Mostly Flat

MCX CPO traded mostly flat on reports of higher imports of palm oil during the last two months while reduction in base import prices too pressurize prices. As per SEA latest release, the imports of palm oil have been higher by 12 lakh tonnes to 72 lt in the calendar year 2017 compared to last year’s 60 lt during the first 5 months.

As per SEA, palm oil import rose 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 rose to their highest in two weeks on Monday in a fourth consecutive session of gains, tracking other edible oils and on forecasts of lowers end-stocks in Indonesia.

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