MCX CPO Recover A Little On Tuesday

MCX CPO recover a little on Tuesday after it falls to two weeks low on previous session tracking weak Malaysian palm oil price and strengthening of rupees. Last week, it touched its all-time high. The prices currently 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.

Malaysia market was closed on Tuesday. Malaysian palm oil futures fell as much as 1.9% on Monday hitting their lowest in more than a week, tracking losses in crude and weaker related edible oils. Malaysian shipments of palm oil products during May 1-25 fell 16.6% from the corresponding period last year, according to independent inspection company AmSpec Agri Malaysia on Friday. Full-month exports are seen weakening as Malaysia resumed its crude palm oil export tax at a 5%rate for May, after a four-month duty exemption to boost demand and reduce stockpiles. Movements in crude oil also affect prices for palm oil, which is used as a feedstock for biodiesel. Oil prices fell about 2 percent on Monday on market expectations that the world's three leading crude producers -- Russia, the United States and Saudi Arabia -- will increase output.

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