CPO trading range for the day is 557.67-574.67. Market players are looking out for a return of the El Nino weather pattern to Southeast Asia as the hot and dry weather could hurt palm oil output from top producers Indonesia and Malaysia, providing upside for palm oil prices.
Crude palm oil fell as investors turned more bearish on forecasts for rain in parts of the U.S. Midwest that could bring some relief to the drought-hit soy crop.
CPO futures prices for August contract at MCX dropped to Rs.565/10 kg down by 1.48%. Sluggish demand in edible oils have pushed down palm oil prices in Indian markets. CPO futures prices for October contract at Bursa Malaysia Derivatives Exchange are trading higher at 2888 MYR/tonne up by 0.66%. Intensifying drought conditions which has been worst since 1956 which may continue to affect soybean crop and thereby soy oil may drive demand for palm oil being a close substitute of soy oil.
MCX CPO settled lower on Thursday tracking the entire edible oil segment. Also lower demand supported the downside in edible oil prices. Palm oil production in the world's top producer Indonesia will increase by at least 7 percent this year, boosted by maturing plantation areas producing higher yields.
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Crude Palm Oil Trading Range For Friday Between 557.67 And 574.67
Published 07/27/2012, 03:17 AM
Updated 05/14/2017, 06:45 AM
Crude Palm Oil Trading Range For Friday Between 557.67 And 574.67
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