CPO Futures Closed Lower Yesterday

CPO Futures closed lower yesterday due to profit booking but expectation of good physical demand from the stockists in the domestic market may keep prices supported. Moreover, increase in Tariff Value of RBD Palm Oil by the government to 736$/mt from 703$ also keep prices higher. The most active CPO Aug’16 expiry closed 0.61% lower to settle at Rs. 565.7 per 10 kg. However, Palm oil imports by India fell for a third month in July as some buyers switched to soybean oil. As per SEA circular, imports dropped 40% to 570,051 metric tons in July from a year earlier. Total vegetable oil purchases fell 25 percent to 1.13 million tons, while soybean oil imports rose 1.4 %, the survey showed.

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