CPO Closed Higher For The Third Successive Session

MCX CPO closed higher for the third successive session on Monday supported by weaker rupees and reports of increase in import duty on soft edible oil. 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 closed on negative note on Monday, weighed down by weaker export data. Palm oil exports from Malaysia, the world's second-largest producer and exporter, dropped 20.9 percent between May 1 and 20 compared with the corresponding period in April, inspection company AmSpec Agri Malaysia reported on Monday.

Earlier in the day , the contract had risen 1.3 percent to 2,481 ringgit earlier in the session, its highest since April 9, buoyed by overnight strength in U.S. soyoil on the Chicago Board of Trade and a weaker ringgit , as this makes palm oil cheaper for holders of foreign currencies.

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