
CPO closed higher for the 5th consecutive week to climb to 18-week high due to increasing demand in coming months coupled with higher tariff values. Moreover, stocks at port are lower despite higher import volumes. It closed at 558.90 rupees per 10 kg last week.
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 closed down for second consecutive session on Friday due to weak prices in China exchange and weaker crude oil on concerns about U.S. recession Palm oil prices are impacted by movements in crude oil as the vegetable oil is used as feedstock to make biodiesel, a fuel substitute.
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