MCX CPO Closed Higher Last Week



MCX CPO closed higher last week tracking firm Malaysia market. Moreover, reports of import duty hike and expectation of good demand from the stockists support prices. The government has cut the base import price of refined, bleached and deodorised palmolein, crude palmolein, and RBD palm oil have been cut by $31 a tn each to $716, $713 and $706, respectively.

Due to lower prices this season, 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.

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