MCX CPO March future prices yesterday opened on a positive note and it traded up for most part of the day. The MCX CPO future prices closed higher on pick up in domestic demand. According to Solvent Extractors Association, palm oil imports in January are at 688,393 MT down by 12.6% on Mo-M. BMD the CPO futures at MCX may trade positively today on supply concerns amid higher domestic demand. The imports are likely to continue as is still the cheapest edible oil available in the domestic market.
Kapas futures on Indian exchanges traded in a narrow range and ended the day marginally down. Overall the sentiment was on bearish side as the traders were on selling side as the consumption demand is meager across major spot markets. Exporters were away from active buying due to limited export enquiries as the China is not buying cotton in bulk quantity. On the other hand, China is releasing its stocks in the market at discounted price.