Crude palm oil dropped on profit booking after prices gained due to higher tariff value and reports of possible increase in import duty.
According to SEA, palm oil exports up by 47.7% on year in July at 8.13 lt in July while overall palm oil imports are up by 13% on year.
Indonesia's palm oil production and exports in July are likely to shrink from a month earlier.
Crude palm oil prices in the spot market gained by 1.30 rupees and settled at 556.50 rupees.
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