MCX CPO edged lower on Monday tracking soft in Malaysian palm oil to close at 555.50 rupees per 10 kg. CPO is currently trading at 6-month high due to weaker rupees 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 fell from a more than six-month high hit the previous session mainly on weaker related oils in US and China. Moreover, reports of India's trade ministry recommending increase in the tax on refined palm oil imports from Malaysia to 50% from 45% to curb cheaper purchases.
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