MCX CPO Closed Lower

MCX CPO closed lower tracking other oilseeds in the country. Moreover, higher stock level in the country too pressurizes prices. 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.

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