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Indian CPO Stays Muted In Absence of Fresh Fundamentals

7 Feb 2019 9:02 am
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Mumbai (Commoditiescontrol) — Futures contracts of crude palm oil on the MCX platform continued to trade on muted note during 3rd successive session with lack of any fresh fundamentals along with closure in Bursa Malaysia market. MCX benchmark contract after making a low of INR 565, finally settled at INR 566.1, down by around 0.3 points from previous session.

Meanwhile, GAPKI-Indonesia Palm Association, in its latest report, pegged Dec palm oil stocks at 3.26 million tons, much down from market anticipation of 3.65 million tons and Nov stocks of 3.89 million tons. Exports in 2018 climb to more than 34m tons last year vs 32.1m tons on y-o-y basis.

Looking to the particular palm oil exports of CPO and its derivatives products to some major destinations year on year increase, China hold the first rank with a record increase in imports to 4.41 million tons, up by 18% on yearly basis. Moreover, year on year exports were also up to destination-Bangladesh (16%), African nations (13%), Pakistan (12%) and US (3%).

Decline in exports were accounted by India by 12% to 6.71 million tons from 7.63 million tons exported last year due to higher import tariffs imposed by the world’s biggest vegetable oil buyer. Exports to European Union countries also dropped by 5% to 4.78 million tons.

On the Supply front, Production in Dec’18 was observed near 3.67 million tons vs. 4.16 million tons produced in Nov’18. Total yearly production was close to 43 million tons, almost higher by 12% on yearly basis, also marking highest production in history of Indonesia.

In the meantime, Mr. Dorab Mistry has once again given positive outlook for Malaysian palm market in GlobeOil conference held in Delhi. Mr. Mistry stated palm prices in Malaysia, the world’s second-biggest producer, may climb to 2,400 ringgit a ton by the end of March if the Malaysian currency remains at current levels.

Moving ahead, With GAPKI report stating fall in Indonesian stocks and positive outlook by leading market analyst, Indian and Malaysian palm oil session shall resume with positive bias.

(By Commoditiescontrol Bureau)

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