CPO Futures Closed Lower

CPO Futures closed lower on uncertainty over government decision on import duty rise as stock levels is at higher levels. CPO Jun’16 expiry closed 0.17% lower to settle at Rs. 531.0 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.

Malaysian palm oil futures fell on Wednesday due to pressure from weakness in other oils. Palm oil had raised earlier on news of increase in Malaysia's biodiesel mandate, which controls the amount of biofuel in diesel. It will raise its biodiesel mandate to 10 % for the transport sector, and to 7 % for the industrial sector beginning June.

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