Market Commentary on MCX CPO

MCX Aug CPO prices initially traded higher due to weakness in Ringgit against the dollar and robust export demand. Major cargo surveyor SGS reported that Malaysia exports around 1.28 million tonnes of crude palm oil during July 1-31, up 15.4% in the previous month. Increased demand from major importers such as EU, Japan, China and India also supported the prices. Meanwhile, the benchmark BMD Malaysian Oct CPO futures trading on positive note in today’s session due to weak Ringgit, quoted against the dollar.

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