CPO Closed Lower on Monday

MCX CPO closed lower on Monday due to technical selling by the market participants. However, prices have been in a range due to weaker rupees and steady domestic demand. The government has slashed the base import price of CPO and RBD Palmolein by $26to $618 per ton and $27 to $646 per ton respectively.

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. Palm oil accounts for the bulk of the total edible oil imported annually, with most of the commodity imported from Indonesia and Malaysia.

Malaysian palm oil futures closed little higher on Monday on expectation of lower than expected production in Malaysia during last month. Palm oil production is expected to remain flat or decline on harvesting disruptions as Malaysian planters contend with a post-holiday labour shortage. Malaysia's June exports of the edible oil were down 10.3 percent from the previous month, independent inspection company AmSpec Agri Malaysia. A weaker ringgit supports palm because it makes the oil cheaper for holders of foreign currencies.

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