MCX CPO Closed Higher On Friday

MCX CPO closed higher on Friday tracking firm Malaysian palm oil futures but down for the week due to good stocks and strong rupees. 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.

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