CPO Futures closed lower on Tuesday tracking international prices and higher domestic supplies. The most active CPO Oct’16 expiry closed lower by 2.04% to settle at Rs. 527.0 per 10 kg.As per SEA data, 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 pegged at 5.23 mt in Nov-Sep, compared with 6.85 mt a year ago. However, data showed 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. The tariff value of RBD palmolein decrease 8.2% for the 2nd half of October compared to previous fortnight.Malaysian palm oil rose to its highest levels in two and a half years on Tuesday before dropping sharply in a market correction in the evening and on concerns about weak export demand. Exports of the tropical oil from Malaysia, the world's second largest producer, fell in the first half of October by about 5 to 6 percent from the corresponding period last month, according to cargo surveyor data.
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