Crude palm Oil on MCX settled down by -0.46% at 498 on profit booking after prices rose on news that government hiked the import duty on crude palm oil. The government hiked the import duty on crude palm oil to 15 per cent from 7.5 per cent and on refined to 25 per cent from 15 per cent to curb cheaper shipments and boost local prices for supporting domestic farmers and refiners. The import duties on other crude edible oils like soya and sunflower have been raised to 17.5 per cent from 12.5 per cent, according to a notification issued by the Central Board of Excise and Customs (CBEC).

Trading Ideas:

* CPO trading range for the day is 490-511.8.

* Crude palm oil dropped on profit booking after prices rose on news that government hiked the import duty on crude palm oil.

* The government hiked the import duty on crude palm oil to 15 per cent from 7.5 per cent and on refined to 25 per cent from 15 per.

* The data released by MPOB showed CPO output in the world's second biggest oil producer, climbed 21% to 1.82 million tons in July.

* Crude palm oil prices in spot market gained by 27.00 rupees and settled at 507.90 rupees.

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