CPO Touched Its All-Time High On Tuesday

MCX CPO touched its all-time high on Tuesday and closed higher for 4th successive session supported by stronger palm oil prices in international markets and reports of increase in import duty on soft edible oil. However, 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 climbed to a six-week high on Tuesday, after report drop in production in May. Moreover, overnight strength in U.S. soyoil and crude oil prices also supported price. As per MPOA, the productions were down for the first 20 days of May all four provinces of Malaysia.

Palm oil prices are affected by movements in crude oil because it is used as feedstock to produce biodiesel. Expectations of lower palm oil production in May also supported benchmark prices. Palm oil exports from Malaysia dropped 20. % between May 1 and 20 compared with the corresponding period in April, inspection company AmSpec Agri Malaysia reported on Monday.

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