MCX CPO Closed Higher On Monday

MCX CPO closed higher on Monday tracking positive move in palm oil in Malaysia and expectation of improved demand for edible oil in the country. 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 ended the trading day slightly higher on Monday, tracking gains in U.S. soyoil. However, the prices are still under pressure due to higher palm oil stocks and reports of improved production in coming months. Palm oil production typically rises in the third quarter of the year in line with the seasonal trend. Malaysian output for June is forecast to slide 11.1 percent to 1.36 million tonnes, its weakest figure for June since 2007, due to a labour shortage, according to a Reuters poll.

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