CPO Jan Futures prices closed lower yesterday by 0.12% at Rs. 411.0 per 10 kg on profit booking due to indication of lower demand. According to latest data released by SEA, country has set a new record for highest import of palm products in Oil year 2014-15, which has created a glut in domestic market. Import of palm products during October 2015 is the highest in any single month at 1.11 mt.
Lower production would help reduce current stockpiles and support prices. Palm-oil stocks in Malaysia, one of the world's largest producers of the oil, are 28% higher than a year ago. Moreover, on month on month basis, Malaysian Palm-oil stocks totaled 1.75 million tons at the end of November, up 2.6% from October.
1/01/2016 01:10:00 PM
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