CPO Closed Higher By More Than 1% On Monday

MCX CPO closed higher by more than 1% on Monday tracking firm trend in Malaysian Palm oil futures. However, cut in base import prices and steady domestic demand weighing on palm oil prices in the country during last week. The base import price of crude palm oil was slashed to $671 per tn from $684 per tn. However, it is still supported by weaker rupees and good steady physical demand. CPO has been trading all-time high in April due to jump in oilseed prices in the country following news on removing export restrictions on edible oils from the country.

As per SEA latest report, India's crude Palm oil (CPO) imports in March increased by 30.33% compared to same period a year ago despite the govt. imposed higher duty. However, Shipment of RBD palmolein dropped 25.56% to 163,222 tons compared to 219,270 tons last year.

Malaysian palm oil futures recorded their highest daily gain in four months on Monday, tracking an uptrend in crude oil prices and supported by soyoil on the U.S. Chicago Board of Trade. Palm oil prices are affected by movements of crude oil because it is used as feedstock for biodiesel. According to Reuters poll, Malaysian palm oil inventories at the end of April are expected to have fallen 4.1% to 2.23 mt, their lowest in six months. However, the survey also forecast that April exports would fall 5.5 % m/m to 1.48 mt, but output would remain flat at 1.57 mt. Malaysia, the world's second largest palm producer and exporter, would resume export duties on crude palm oil after four months of tax exemptions and set its crude palm oil export tax at 5% for May.

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