CPO Futures traded sideways to lower due to sufficient stocks in the physical market against steady demand. The most active CPO Oct’16 expiry closed down by 0.09% last week to settle at Rs. 532.4 per 10 kg.As per SEA data, imports of RBD palmolein increase to 2.40 mt vs 1.43 mt for Nov-Sep period. India's palm oil imports in 2016/17 are likely by rise 9% to 9.24mt from a year earlier, as a growing population and higher income levels drive up edible oil consumption. However, palm oil imports by India fell for a fifth month in September dropped by 5.5% to 564,912 tons in September from a year earlier. While for the current oil year, CPO imports pegged at 5.23 mt in Nov-Sep, compared with 6.85 mt a year ago. However, data showed The tariff value of RBD palmolein decrease 8.2% for the 2nd half of October compared to previous fortnight.Malaysian palm oil closed higher last week as supported by weaker ringgit and weaker palm oil production due to delayed result of last year’s El Niño. The output is expected to see lower-than-average gains, as it is still impacted by the lingering effects of the crop-damaging El Nino. According to cargo surveyor data, exports of Malaysia’s palm oil products during October 1 to 20 fell 12.4 % to 800,854 tonnes compared with 914,264 tonnes during September 1 to 20.
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