According to Angel Commodities, MCX CPO edged higher on Wednesday tracking firm Malaysian palm oil and soy oil prices in India.
Angel Commodities' report on Crude Palm oil
MCX CPO edged higher on Wednesday tracking firm Malaysian palm oil and soy oil prices in India. India has cut import taxes on crude and refined palm oil from Southeast Asian (ASEAN) countries after a request from suppliers. The government increased tariff price of crude palm oil by $ 31 to $ 503 per tn and $21 per ton for refined, bleached and deodorised palm oil for the first half of January . According to SEA monthly update, palm oil imports were down by 3.6% at 6.91 lakh tonnes. There are reports of sufficient stock levels in the country and expectation of cheaper imports from Malaysia due to zero duty.
CPO futures may trade sideways to higher due to higher tariff value tariff value and improving physical demand from the stockists.
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