Palm Oil Insights for January 23, 2017
Commodity Online |
January 23 2017
- A steady trend was witnessed in the Palm Oil complex in the major spot markets of the country during today’s trade.
- There were no encouraging cues for Palm Oil during today's trade in the spot markets which kept the prices steady.
- Price of Crude Palm Oil in the futures trade were up by 0.10 per cent and reached Rs 580.40 per 10 kg in today as traders created fresh positions.
- Palm Oil prices have been trading on the negative side for the past few days as demand was lower due to intensifying winter in North India.
- Uptick in Palm Oil demand can be expected only after the temperatures increases in the country.
- Palm Oil price is expected to hit 3,300 ringgit per metric ton by March, as stocks of the tropical oil remain tight. Prices will then fall nearly a quarter by June or July, according to leading vegetable oils analyst Dorab Mistry.