CPO Closed Lower On Friday

MCX CPO closed lower on Friday due to cut in tariff values of all the edible oils. The base import price of crude palm oil and RBD palmolein was cut by $14 each and $17 to $644 per tn and $673 per tn, respectively. According to SEA monthly update, plam oil imports into the country were down 33% and 46% for CPO and RBD Palomlein in May compared to last year. India’s palm oil imports dropped in May due to higher taxes on shipments while weaker rupees making imports expensive.

Malaysian market was closed on Friday. Malaysian palm oil futures closed higher on Thursday due to bargain buying from the 22 month low. However, the prices are still trading 10-15% lower than the last year expectation of lower export demands due to continuation of export tax for July also weighs on prices. Malaysia's exports between June 1 and 10 stood at 324,947 tonnes, down 20 % from the same period a month earlier.

Malaysia, the world's second-largest palm oil producer, kept its crude palm oil export tax at 5% in July. As per latest MPOB data release, Malaysia's palm oil exports fell 15.7% on month to 1.29 mt in May due to lower demand from China and the EU resulted in a fall in exports. Malaysia's crude palm oil production also declined 2.11% on month to 1.53 mt in May. Crude palm oil inventories were at 1.17 mt in the country at the end of May, down 2.08% from a month ago.

For Quick Trial – 8962000225 ✔ 
or mail us here: info@ways2capital.com
✆-0731-6626191  | Toll Free - 1800-3010-2007
 Give a Missed Call for Free Trial - 09699997717
NewerStories OlderStories Home