CPO Futures Continue Its Positive Trade

CPO Futures continue its positive trade on Tuesday tracking international prices and steep increase of Tariff Value of RBD Palm Oil by the government to 689$/mt from 657$. CPO Aug’16 expiry closed 2.53% higher to settle at Rs. 518.1 per 10 kg. According to latest data released by SEA, import of RBD Palmolein during the first eight months of the current oil year i.e. from November 2015 to June 2016 doubled and reached at 17.77 lt from 9.13 lt replacing import of CPO and expected to increase further in the coming months. Malaysian palm oil futures closed higher supported by firm US soyoil and Chinese refined, bleached and deodorised (RBD) palm olein. Implementation of the 10 percent biodiesel blend (B10) planned for July 1, 2016 has been postponed to the end of the year, With full implementation of B10 in 2017, consumption is expected to reach 770 million liters next year.

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