Crude oil prices to trade higher: Angel Commodities
Angel Commodities’ report on Crude oil
MCX CPO in ched higher on Monday due to firm trend in Malaysian palm oil. However, due to reduction on tariff values by government and higher stocks in the country is keeping the prices in a tight range. For the second half, the government reduced the base import price of all p alm oils, with the steepest cut of $31 per tn for refined, bleached and deodorised palmolein, and crude palmolein. According to S EA release, during Nov – Sep period, crude palm oil import is 57.34 lakh tonnes, up 9.5% from 52.34 lt during the same period of the previous oil year.
CPO futures may trade higher on firm International prices. But higher stocks levels in the country , lower tariff value, and higher import duty for edible oil may keep the prices in a range.
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