MCX CPO Closed Lower Close To 2% On Thursday



MCX CPO closed lower close to 2% on Thursday tracking weak trend in International markets. Government has cut the base import price of refined, bleached and deodorised palmolein, crude palmolein, and RBD palm oil by $31 a tn each to $716, $713 and $706, respectively. However, reports of import duty hike and expectation of good demand from the stockists may support price.

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 of 2017. 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).

Malaysian palm oil futures suffered the sharpest drop in three weeks on Thursday evening after a third straight session of losses, tracking weaker edible oils such as soyoil on the Chicago Board of Trade (CBOT). Shipments of palm oil products from Malaysia fell 1.9% during July 1-10, down from the corresponding period in June, data from cargo surveyor Intertek Testing Services showed on Monday.

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