MCX CPO Closed Lower On Wednesday

MCX CPO closed lower on Wednesday tracking weak Malaysian palm oil futures. The prices have been trading higher last week due to consideration of raising import duty on palm oils by the government. 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 sideways. 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 to their lowest in a week on Wednesday, weighed down by expectations of rising production. Output in Malaysia, the second-largest producer of the tropical oil, is seen rebounding in July in line with the seasonal trend and on a post-El Nino recovery. However, good exports figures may keep the prices supportive. Cargo surveyors Intertek Testing Services and Societe Generale de Surveillance reported gains in July shipments from Malaysia, up 4.1% from a month ago.

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