MUMBAI (Commodity Online): Soy oil prices are also witnessing weak undertone due to bearish sentiments of soy oil at CBOT. CPO prices at BMD, Malaysia have also corrected on concerns about increased production at Malaysia.
However it is believed that India will continue to buy palm oil in big quantities to maintain its pipeline and to fulfill the festive season demand in the coming months.
As per the reports, Indonesia may cut palm oil maximum export duty in August to enable more exports. Famous Industry expert Mr. Dorab Mistry has indicated that CPO market may witness weakness due to over production and burgeoning stocks with their producing countries.
As per news sources, the Indonesia's crude palm oil output this year is estimated at 22.5 million tons to 23 million tons, from 21.6 million tons in 2010 quoting the statement of executive director of the Indonesian Palm Oil Producers Association (GAPKI).
Indonesian Government cuts August Palm oil export duty by 5% to 15%. ITS –Malaysia 1-25 July palm oil exports were up by 2.3% at 12.8 LT vs 12.50.
As per the data released by the SEA of India the import of vegetable oils during June 2011 is reported at 8.62 lakh tons com-pared to 7.32 lakh tons in June 2010 i.e. up by 17.8%, consisting of 8.29 lakh tons of edible oils.
On Monday soy refined market is likely to trade down.
