CPO Futures Closed Higher On Friday

CPO Futures closed higher on Friday on anticipation of good physical demand as festival season is arriving coupled with consideration of import duty rise for refine edible oil. CPO May’16 expiry closed 0.58% higher to settle at Rs. 535.9 per 10 kg. Expectation of higher imports and steady demand may pressurize prices at higher levels.

According to latest data released by SEA, import of RBD palmolein have risen sharply to 13.23 lt in the first six months of the current oil year ending October 2016 from 4.92 lt in the year-ago period. In April 2016, Palm oil imports rose marginally to 7,29,536 tonnes in April on sharp jump in shipments of refined palm oil. Among palm oil products, import of RBD palmolein rose by 74 per cent to 3,25,902 tonnes in April 2016 from 1,87,534 tonnes in the year-ago period.

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