MCX CPO Closes Higher For Third Consecutive Day

MCX CPO closes higher for third consecutive day on Thursday tracking firm Malaysian palm oil futures. The prices have been traded in a range last week due to good supplies of edible oil in the country. 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 hit their highest in nearly four months on Thursday evening, supported by gains in rival oilseed soy on the Chicago Board of Trade and as stock levels remained steady. Demand for palm oil is seen rising on a widening price differential with soyoil, prompting buyers to switch to palm and as key purchasing market China replenishes its palm oil port stocks.

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