MCX CPO Closed Little Lower Weighs Down By Weak

MCX CPO closed little lower weighs down by weak oil and oilseed prices in the country. Earlier in the month the prices have been under pressure due to cut in the base import prices of refined, bleached and deodorised palm oil, refined, bleached and deodorised palmolein and crude palmolein by $12 per tonne each for first half of August.

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 futures rose to a one-week high on Wednesday but corrected late in the session on anticipation of higher output data to be released on Thursday. Palm oil production typically picks up in the second half of the year in line with seasonal trends but palm trees are still seeing the lingering effects of a crop-damaging El Nino weather pattern.

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