CPO Continues To Trade Higher

MCX CPO continues to trade higher for the fifth successive session on Thursday due to weaker rupees which makes imports expensive. However, cut in tariff values of all the edible oils by the Indian government kept the prices lower. 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. In the month of June, According to SEA monthly update, palm 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 palm oil futures rose more than 1% to its highest in over two weeks on Thursday supported by weaker ringgit and a firm crude oil prices. Ringgit falls to its lowest against the U.S. dollar since Jan. 2, which makes cheaper for the foreign buyer . Gains in oil prices have made production of biodiesel, in which crude palm oil is used as feedstock, more economical. Malaysian palm oil exports for June 1-25 fell 14.1 % from the corresponding period a month ago according to cargo surveyor on weak demand from key markets such as Europe, China and Pakistan. It was down 2.1 % last week, marking its fourth straight weekly decline, due to weaker export demand and higher inventories.

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