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 CPO by $4 per tonnes but increase RBD Palmolein by $4 per tonnes for the second fortnight of July. However, reports of import duty hike and expectation of good demand from the stockists may support price.

As per SEA report, the imports of palm oil increase by 35% on Year to 8.2 lakh tonnes compared to 6.1 lt last year. Moreover, during the first 8 months of current oil year, the imports are higher by 5.7% to 59.21 lt compared to 56 lt last year same period.

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