Crude Palm Oil On MCX Settled Up By 0.37% At 483.3



Crude palm Oil on MCX settled up by 0.37% at 483.3 tracking firmness in spot demand amid hope of higher import duty. India's Crude palm oil imports climbed by 37.73% in June to 572,388 tons compared to 415,580 tons imported during June 2016. Further, news of weak production in July-Aug-Sept in Indonesia, the world's biggest CPO producer, on poor oil extraction rate from Malaysia will also support the market next week.

Market participants expect hike in import duty soon as earlier in this week Prime Minister's Office called a meeting of ministries concerned to discuss duty on imports of palm oils in the country. According to data by the Solvent Extractors' Association of India, India's monthly requirement of the commodity is about 17.5 lt, sufficient for about 30 days. Currently, the stocks are at over 22.8 lt, about 39 days requirement. Moreover, imports of palm oil increase by 35% on Year to 8.2 lakh tonnes compared to 6.1 lt last year.

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