MCX CPO Jumped More Than 1.7% To Close



MCX CPO jumped more than 1.7% to close at Rs. 656.60 per 10 kg, highest in a week, tracking firm Malaysian palm oil. 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 in June 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 Thursday supported by a weaker ringgit and overnight gains in soyoil on the Chicago Board of Trade. Official data also showed July output rising 20.7% to 1.83 mt, compared with a forecast for a 11 % gain to 1.68 million tonnes. Palm oil production typically picks up in the second half of the year in line with seasonal. Malaysia's palm oil stocks at end-July rose 16.8 % to 1.78 mt from the previous month, versus a Reuters poll which forecast a 6.5 percent rise in inventory levels.

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