CPO MCX MARKET UPDATE NEWS
CPO on MCX settled down -0.41% at 555 on profit booking after prices gained on the back of pickup in demand at the spot market. Downside seen limited on expectation that gains in crude oil will benefit palm oil as it may boost demand for bio-diesel in Indonesia, which will reduce inventories of palm oil. Meanwhile, the tariff value of CPO increase by $25 to $764 per tonne for the 1st half of Dec compared to previous fortnight.
As per SEA data, imports of RBD palmolein increase to 2.63mt vs 1.66 mt in 2015-16 (Nov-Oct) and India's crude palm oil imports is also lower at 5.75 mt Vs 7.72 mt. Palm oil shipments from Malaysia, the world's No.2 producer of the tropical oil, fell 10-12 % for the full month of November from the previous month, according to data from cargo surveyors on Wednesday. Palm output from Indonesia and Malaysia are expected to fall by 10-15% and 9.8%, respectively, this year. Malaysia’s palm oil products during November 1 to 25 fell 9.6% to 895,625 tonnes compared with 990,939 tonnes during October 1 to 25.
Trading Ideas
Trading Ideas
- CPO trading range for the day is 545.7-566.5.
- Crude palm oil prices ended with losses on profit booking after prices gained on the back of pickup in demand at the spot market.
- Downside seen limited on expectation that gains in crude oil will benefit palm oil as it may boost demand for bio-diesel in Indonesia
- Meanwhile, the tariff value of CPO increase by $25 to $764 per tonne for the 1st half of Dec compared to previous fortnight.
- Crude palm oil prices in spot market gained by 1.80 rupees and settled at 562.60 rupees.
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