MCX CPO Closes With Gains On Monday

MCX CPO closes with gains on Monday due to firm Malaysian palm oil futures. The prices have been trading higher since 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.

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