CPO on MCX settled up 0.94% at 544.9 amid good demand in the physical market. The prices were also supported due to increase in tariff value for Crude palm oil and higher import duty. Recently government raised import duty on crude palm oil to 15% from 7.5%, and on refined palm oil to 25% from 15% but higher stocks in the country is having bearish impact.

According to SEA release, during the November-August period, crude palm oil import increased to 50.82 lakh tonnes from 46.70 lakh tonnes during the same period of the previous oil year.

Trading Ideas:

* CPO trading range for the day is 538.8-548.6.

* Crude palm oil prices ended with gains amid good demand in the physical market.

* The prices were also supported due to increase in tariff value for Crude palm oil and higher import duty.

* Palm oil imports by China from Malaysia during Sep 1-20 jumped 58.11% to 178,432 tons compared to 112,850 tons in the same period a year ago.

* Crude palm oil prices in spot market gained by 3.50 rupees and settled at 546.50 rupees.

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