Crude palm oil dropped on profit booking after prices gained tracking increase in prices of rival soy oil due to increase in import duty.
India’s palm oil imports in May plunged 38 per cent from a year earlier to their lowest in nearly four and a half years.
Malaysia, kept its crude palm oil export tax at 5 percent in July, the Malaysian Palm Oil Board said in a statement, citing the national customs department.
Crude palm oil prices in spot market gained by 0.60 rupees and settled at 644.80 rupees.
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