CPO Closed Higher For The Second Successive Session

MCX CPO closed higher for the second successive session on Friday and closed the week in green for the second straight week supported by firm International prices and weaker rupees. The base import price of crude palm oil was slashed to $655 per tn from $671 per tn. India’s palm oil imports may dropped in April due to higher taxes on shipments and weaker rupees making imports expensive.

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 rose as much as 1% on Friday and surged for the second straight week, tracking gains in related edible oils and crude oil. Weaker ringgit also lent support as it makes the oil cheaper for foreign buyers.

The prices rose despite reports of weaker exports of Malaysian palm oil products. Exports of Malaysian palm oil products for May 1-15 fell 14.9% to 539,084 tonnes, from 633,530 tonnes in the corresponding period in April, inspection company AmSpec Agri Malaysia said on Tuesday.

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