CPO Futures Closed Lower On Friday

CPO Futures closed lower on Friday tracking international prices and news on cut on import taxes on edible oil. 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 2.63% to settle at Rs. 581.2 per 10 kg. India's palm oil imports in 2016/17 are likely to rise 9 % to 9.24 mt from a year earlier, as a growing population and higher income levels drive up edible oil consumption, as per analysts.

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