CPO Edged Lower For Third Consecutive Week

MCX CPO edged lower for third consecutive week tracking eeak international prices are also weighing on prices. Earlier, government has raised the base import price of palm oil. The government hiked the base import price of RMD Palmolein to $681 per tn from $672 per tn. The base import price of CPO has been hiked to $658 per tn from $655 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, 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 trading near a one-month low and extended losses into a fifth straight session on Friday, on concern over slowing demand and higher inventories in the country. Moreover, weaker soybean prices in Chicago also weighed on prices.

Malaysia's palm oil exports in May fell 9-10 %from April to around 1.2 million tonnes. In Indonesia, the world's top palm oil exporter, shipments of palm and palm kernel oils fell 13.6% in April, data from the Indonesia Palm Oil Association showed. The stockpiles in producing countries are likely to expand significantly due to subdued exports.

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