Oil CPO Futures Closed Higher

Oil CPO Futures closed higher on Thursday due to increase in tariff value by almost 12 per cent by the government. The most active CPO Sep’16 expiry closed 0.31% higher to settle at Rs. 549.8 per 10 kg. Government increased tariff value of CPO to 770$/mt from 688 while RBD Palm Oil to 791$/mt from 7736$. 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% to 1.13 mt, while soybean oil imports rose 1.4 %, the survey showed.

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