CPO Closed Lower For The Third Successive

MCX CPO closed lower for the third successive session mainly due to technical selling by the market participants from the higher levels. Moreover, cut in base import prices for the 2nd half of May kept prices lower. 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 for a second straight session of gains on Tuesday, supported by a weaker ringgit and firm CBOT soyoil futures. Weakness in the ringgit typically boosts demand by making the tropical oil cheaper for holders of foreign currencies.

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