MCX CPO Closed Fell More Than 1.8% On Thursday

MCX CPO closed fell more than 1.8% on Thursday tracking weak Malaysian palm oil futures and stronger rupee. The base import prices of refined, bleached and deodorised palm oil, refined, bleached and deodorised palmolein and crude palmolein have been cut by $12 per tonne each for first half of August.

However, higher imports and stock data are keeping the prices under pressure.

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 for a third straight session on Thursday, hitting their lowest in a week due to forecasts for rising output and weaker performing related edible oils.

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