MCX CPO climb higher for the 6th consecutive week tracking firm trend in Malaysian palm oil to close at 555.80 rupees per 10 kg. CPO is currently trading at 6-month high due to increasing demand coupled with higher tariff value. Moreover, lower stocks at port despite higher import volumes are also supporting prices. For 2nd half of Aug, tariff value for CPO and RBD Palmolein increases by 25 and 30 dollar to 527 and 570 dollar per ton. According to SEA monthly press release, palm oil exports up by 47.7% on year in July at 8.13 lt in July while overall palm oil imports are up by 13% on year at 69 lt during Nov-Jul period. Overall, CPO imports are higher in first 9-month of OY 2018/19 similarly refine palm oil imports are up by 40% at 20.90 lt compared to 14.95 lt.
Malaysian palm oil climbed to a fresh six-month peak on Friday, on expectations that production will be lower than initially forecast. Palm has gained 3.2% this week on slower-thanexpected output growth and stronger exports.
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