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MCX CPO Weak on Global Cues, High Imports

16 Apr 2019 7:43 am
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Mumbai (Commoditiescontrol)— Indian CPO traded on bearish note following global palm markets along with huge import stocks recorded in the month of March’19. At the end May’19 contract settled at INR 540.0 vs. 541.0 per 10 Kg. Total Volume was dropped significantly to 143 lots vs. 501 lots in previous session and Open Interest was slightly down at 3705 lots vs 3687 lots in last session.

Malaysian palm oil futures fell to their lowest levels in two weeks, dropping for a third session in four as stockpiles remained high and exports came in weaker than forecast. The benchmark palm oil contract for June delivery on the Bursa Malaysia Derivatives Exchange was down 0.9 percent at 2,142 ringgit ($521.42) a ton at the close, its sharpest daily decline in three sessions.

The Solvent Extractors’ Association of India has compiled the Import data of Vegetable Oils (edible & non-edible) for the month of March 2019. Import of vegetable oils during March 2019 sharply increased by 26% to 1,446,557 tons compared to 1,146,051 tons in March 2018, consisting 1,393,255 tons of edible oils and 53,302 tons of non-edible oils. The overall import of vegetable oils during November 2018 to March 2019 is reported at 6,309,406 tons compared to 5,931,829 tons during previous year i.e. up by 6%.

During Nov’18.-Mar.’19, Import of refined oil (RBD Palmolein) increased to 960,573 tons from 770,581 tons in same period of last year, however, Import of crude oil also marginally increased and reported at 5,044,494 tons from 5,007,554 tons during the same period of last year. During Nov.- Dec.’18, the share of RBD Palmolein was just 10 to 12%, where as now increased to 22%.

The stock of edible oils as on 1st April, 2019 at various ports is estimated at 970,000 tons (CPO 410,000 tons, RBD Palmolein 250,000 tons, Degummed Soybean Oil 140,000 tons and Crude Sunflower Oil 170,000 tons to and about 14,00,000 tons in pipelines.

Total stock at ports and in pipelines is reported at 2,370,000 tons, increased by 175,000 tons from 2,195,000 tons as on 1st March, 2019. India’s monthly requirement is about 19.0 lakh tons and operate at 30 days stock against which currently holding stock over 23.70 lakh tons equal to 37 days requirements.

Moving ahead, market is likely to stay range bound with negative bias following overnight weakness in soy oil CBOT session along with bearish domestic fundamentals due to excess imported stocks.

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