MCX CPO Closed Lower

MCX CPO closed lower tracking Malaysian palm oil prices. Government is considering on hike in import duty have support prices in the previous two sessions. However, 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 capped further rise.

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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