CPO Futures Closed Higher

CPO Futures closed higher due to technical buying at lower level on expectation of revival of physical demand. CPO Jun’16 expiry closed 0.53% higher to settle at Rs. 510.0 per 10 kg. CPO prices were under pressure in the last fortnight but now trend is higher due to lower level buying and good demand. According to latest data released by SEA, Palm oil imports fell by 28 per cent to 657,454 tonnes in May, in view of higher stock availability and sluggish summer demand. Among palm oil products, import of RBD palmolein fell by 5% to 261,159 tonnes in May from 2,75,150 tonnes in the year-ago period while, CPO imports declined by 37 % to 391,796 tonnes from 624,201 tonnes.

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