MCX CPO closed higher tracking firm soy oil and weak rupees. Moreover, improved demand from the traders, increase in base import prices and firm Malaysia futures also support prices .The government has raised base import prices for CPO by D6 per tn to D681 while increase tariffs for RBD Palmolein by 35 to D 6 98 for the second half of Feb . India's CPO imports rose 63% on year to 6.72 lakh tonnes in January.
Outlook
We expect Ref Soy oil to trade sideways to higher tracking on expectation that government is thinking of increase in import duty of edible oil to support domestic oilseeds prices. Higher stocks with the traders may keep the prices stable.
Outlook
We expect Ref Soy oil to trade sideways to higher tracking on expectation that government is thinking of increase in import duty of edible oil to support domestic oilseeds prices. Higher stocks with the traders may keep the prices stable.
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