CPO Closed The Week On Negative Note

MCX CPO closed the week on negative note tracking weak trend in Malaysian Palm oil futures. Moreover, cut in base import prices and steady domestic demand also weigh on palm oil prices in the country. 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 notched up their biggest rise in two weeks in on Friday on expectations of falling inventories. According to Reuters poll, Malaysian palm oil inventories at the end of April are expected to have fallen 4.1 percent to 2.23 million tonnes, their lowest in six months. However, the survey also forecast that April exports would fall 5.5 percent month-on-month to 1.48 million tonnes, but output would remain flat at 1.57 million tonnes.

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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