CPO Futures Closed Higher On Thursday

CPO Futures closed higher on Thursday tracking international edible oil prices while cut in import taxes in the country capped further gains. The government lowered the import duty on edible grade crude palm oil to 7.5 % from 12.5 % and that on-refined palm oil to 15 per cent from 20 per cent. The most active CPO Sep’16 expiry closed higher by 0.78% to settle at Rs. 543.5 per 10 kg. India's palm oil imports in 2016/17 are likely by rise 9% to 9.24mt from a year earlier, as a growing population and higher income levels drive up edible oil consumption. Palm oil imports by India fell for a fourth month in August dropped by 16% to 540,633 metric tons in August from a year earlier. SEA data showed imports of palm oil almost doubled to 2.2 mt in Nov-Aug, compared with 1.3 mt a year ago.

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