CPO Futures Closed Lower

CPO Futures closed lower yesterday on profit booking. However, report of consideration of import duty rise capped further loss. CPO May’16 expiry closed 0.36% down to settle at Rs. 528.9 per 10 kg. However, higher imports and steady demand may pressurize prices.

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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