MCX CPO Traded Mostly Sideways On Sufficient Supplies With The Stockiest

MCX CPO traded mostly sideways on sufficient supplies with the stockiest as imports have been higher in the current oil year. The prices have been supported at higher levels due to increase in tariff value for the first half of October.

However, for the second half, the government reduced the base import price of all palm oils, with the steepest cut of $31 per tn for refined, bleached and deodorised palmolein, and crude palmolein.

The stock of CPO as on 1st Sept., 2017 at various ports is estimated at 3.4 lakh tonnes compared to 2.7 lakh tonnes in previous month. According to SEA release, during NovemberAugust period, crude palm oil import increased to 50.82 lt from 46.70 lt during the same period of the previous oil year.

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