MARKET DEVELOPMENT
CPO Prices May Continue To Decline: Angel Commodities
CPO Prices May Continue To Decline: Angel Commodities
26/06/2013 (MoneyControl.com) - Angel Commodities has come out with its report on agricultural commodities. According to the research firm, CPO prices may continue to decline taking cues from the weak international markets. however, a weak Rupee may restrict the downside, says the research firm.
MCX CPO declined by 0.47 percent on Monday tracking weak KLCE Palm oil futures, which declined 1.52 percent as commodities tumbled on concern the US Federal Reserve may phase out stimulus. However, a weak Rupee limited the downside.
Exports of Malaysian palm oil between June 1-25 were reported at 1,167,266 tn, up by 9.6 percent compared to 1,064,925 tn between May 1-25 as buyers stocked up for Ramadan that falls in July. Communal feasting during Ramadan drives up consumption of vegetable oil.
India's refined palm oil imports hit a record high in May by jumping 47.5 percent from April. The world's top buyer of vegetable oils imported 373,837 tonnes of refined palm oil in May.
The jump in refined palm oil purchases will raise the clamour for increasing import duties to protect local oilseed growers and refiners against cheaper supplies from major exporters Indonesia and Malaysia. But the Indian government is yet to pay any heed as inflation has only just reached comfortable levels.
Import of RBD palmolein touched 3,73,837 tn in May 2013, highest in any single month since edible oil imports were allowed under OGL in 1994," the Solvent Extractors’ Association of India said.
Outlook: CPO prices may continue to decline taking cues from the weak international markets. however, a weak Rupee may restrict the downside.
Disclaimer: The views and investment tips expressed by investment experts/broking houses/rating agencies on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.
MCX CPO declined by 0.47 percent on Monday tracking weak KLCE Palm oil futures, which declined 1.52 percent as commodities tumbled on concern the US Federal Reserve may phase out stimulus. However, a weak Rupee limited the downside.
Exports of Malaysian palm oil between June 1-25 were reported at 1,167,266 tn, up by 9.6 percent compared to 1,064,925 tn between May 1-25 as buyers stocked up for Ramadan that falls in July. Communal feasting during Ramadan drives up consumption of vegetable oil.
India's refined palm oil imports hit a record high in May by jumping 47.5 percent from April. The world's top buyer of vegetable oils imported 373,837 tonnes of refined palm oil in May.
The jump in refined palm oil purchases will raise the clamour for increasing import duties to protect local oilseed growers and refiners against cheaper supplies from major exporters Indonesia and Malaysia. But the Indian government is yet to pay any heed as inflation has only just reached comfortable levels.
Import of RBD palmolein touched 3,73,837 tn in May 2013, highest in any single month since edible oil imports were allowed under OGL in 1994," the Solvent Extractors’ Association of India said.
Outlook: CPO prices may continue to decline taking cues from the weak international markets. however, a weak Rupee may restrict the downside.
Disclaimer: The views and investment tips expressed by investment experts/broking houses/rating agencies on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.