Crude Palm Oil Dropped On Profit Booking After Prices Gained

CPO trading range for the day is 767.2-827.8.

Crude palm oil dropped on profit booking after prices gained on expectations of higher imports from India following a tax cut.

India reduced its import taxes on crude and refined palm oil from Southeast Asian countries, a move that is expected to lead to higher imports

The duty on crude palm oil was lowered to 37.5% from 40%, while a tax on the refined variety was cut to 45% from 50%.

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