CPO Futures Closed Higher On Wednesday

CPO Futures closed higher on Wednesday tracking international prices. The most active CPO Nov’16 expiry closed 0.16% higher to settle at Rs. 554.4 per 10 kg. In domestic market, the prices are following the international market as country is depending on the imports.

Meanwhile, the tariff value of CPO increase by $25 to $764 per tonne for the 1st half of Dec compared to previous fortnight. This is third straight increase but still lower than the September tariff price. As per USDA report, ending stocks of palm oil in India in 2016/17 will dropped 30% to 381,000 tonnes compared to previous month estimates.

As per SEA data, imports of RBD palmolein increase to 2.63mt vs 1.66 mt in 2015-16 (Nov-Oct) and India's crude palm oil imports is also lower at 5.75 mt Vs 7.72 mt.

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