CPO July Futures traded on a positive note on Tuesday taking cues from positive overseas edible oils prices
and settled 0.4% higher. However, higher imports and a strong rupee capped sharp gains.Palm oil Futures on KLCE traded with a positive bias on Tuesday tracking positive soy oil prices and settled 0.08% higher. However, profit booking was seen ahead of the exports data. Rising inventories during the seasonally higher yield period coupled with weaker than expected exports also capped sharp gains.
According to Malaysian Palm oil Board, exports increased 10.7% in May against April, while palm oil output jumped 6.5% and the end stocks increased 4.2%.
Exports of Malaysian palm oil products between June 1-25 jumped 3% to 1,126,927 tonnes from 1,093,703 tonnes shipped between May 1-25. Malaysia has cut export tax for July to 5% from 5.5%.
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