CPO Futures Closed Lower



CPO Futures closed lower on news on cut on import taxes on edible oil and reports of sufficient palm oil stock in the country. 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 lower by 0.34% to settle at Rs. 579.2 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.

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