CPO Jumped Higher Last Week

MCX CPO jumped higher last week supported by good physical demand. However, cut in base import prices for the 1st half of May kept prices lower in first week. The base import price of crude palm oil was slashed to $671 per tn from $684 per tn. CPO has been trading all-time high in April due to jump in oilseed prices in the country following higher crushing demand and diminishing physical arrivals.

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 market was closed on Thursday and Friday. Malaysia, the world's second-largest palm oil producer after Indonesia, set its crude palm oil export tax at 5% for May, after extending a duty suspension implemented at the start of 2018 until the end of April. Traders are expecting lower exports figures for the first 10 days in May.

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