According to Angel Commodities, CPO futures may further correct on weak Malaysian palm oil prices. Higher stocks and deferred in import duty hike may help to ease prices.
Angel Commodities' report on Crude oil
MCX CPO continues to fall this week on Tuesday on reports that palm oil import into the country climb for ninth month on Festive Boost. Moreover, weak prices of edible oil s in International markets too pressurize prices. However, the prices are still supported at 10 month high in the futures market on expectation of hike in import duty for edible oil. But, the government did not take any decision on increasing import duty on edible oil for now which slow down the price surge.Outlook
CPO futures may further correct on weak Malaysian palm oil prices. Higher stocks and deferred in import duty hike may help to ease prices.
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