CPO Traded Under Pressure



MCX CPO traded under pressure tracking weak international prices and higher stocks of edible oil the country. 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 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 extended a downward trend, closing 0.3% lower on Monday, on concern over slowing demand and higher inventories in the country Demand for palm oil showed further signs of weakness on Monday, as Malaysia's exports between June 1 and 10 stood at 324,947 tonnes, down 20 % from the same period a month earlier. 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 European Union 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, while processed palm oil stocks rose by 1.4% on month to 1.0 mt.

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