MCX settled up by 0.29% at 490.3 supported by pickup in demand at the spot market. Further, firming trend in the overseas market too fuelled the uptrend. Malaysia should scrap export duty rates for processed palm oil products to help its refining sector, which is losing market share to the world's biggest palm producer Indonesia, a Malaysian industry body said. Malaysian shipments of palm oil products have fallen for five consecutive months since October, according to data from cargo surveyors.
Trading Ideas:
CPO trading range for the day is 483.8-494.8.
Crude palm oil prices gained supported by pickup in demand at the spot market.
Shipments from Malaysia for the vegetable oil fell 17-18 percent during Feb compared with the corresponding period a month ago.
MCX settled up by 0.29% at 490.3 supported by pickup in demand at the spot market. Further, firming trend in the overseas market too fuelled the uptrend. Malaysia should scrap export duty rates for processed palm oil products to help its refining sector, which is losing market share to the world's biggest palm producer Indonesia, a Malaysian industry body said. Malaysian shipments of palm oil products have fallen for five consecutive months since October, according to data from cargo surveyors.
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