MCX CPO Closed Lower On Monday

MCX CPO closed lower on Monday tracking weak Malaysian palm oil futures and ample supplies in the domestic market . According to data by the Solvent Extractors' Association of India, India's monthly requirement of the commodity is about 17.5 lt, sufficient for about 30 days. Currently, the stocks are at over 22.8 lt, about 39 days requirement.

Moreover, imports of palm oil increase by 35% on Year to 8.2 lakh tonnes compared to 6.1 lt last year. 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.

Malaysian palm oil fell on Monday tracking weaker performances in rival oils coupled with expectation of rise in the second half of the year in line with seasonal trends and is expected to peak in October.

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