CPO On MCX Settled Down -1.74% At 586.8

CPO on MCX settled down -1.74% at 586.8 on profit booking after prices gained recently following robust Malaysian palm oil export data. Indonesia will set its export tax for crude palm oil (CPO) in February at $18 per tonne, up from $3 per tonne this month, the country's trade ministry said. The tax will be increased as the government's reference export price for crude palm oil is seen rising above a threshold of $800 per tonne, the ministry said in a statement. The government's price reference is set at $815.52 per tonne for next month. An export tax of $18 per tonne is applied whenever the export price is between $800 and $850 per tonne.

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