CPO Futures Closed Lower On Monday

CPO Futures closed lower on Monday tracking International Crude palm oil prices as the domestic supplies in the country depends mainly on imports. The most active CPO Oct’16 expiry closed lower by 0.70% to settle at Rs. 535.5 per 10 kg.

As per SEA data, imports of RBD palmolein increase to 2.40 mt vs 1.43 mt for Nov-Sep period. 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. However, palm oil imports by India fell for a fifth month in September dropped by 5.5% to 564,912 tons in September from a year earlier. While for the current oil year, CPO imports were at 5.23 mt in Nov-Sep, compared with 6.85 mt a year ago. However, the tariff value of RBD palmolein decrease 8.2% for the 2nd half of Oct compared to previous fortnight.

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