Crude Palm Oil on MCX settled up by 2.62% at 583.8 as centre has raised the import duty on crude palm oil to 30% from 15% and on refined oil to 40% from 25% in a bid to curb cheaper shipments and boost local prices for supporting farmers and refiners.
Trading Ideas:
* CPO trading range for the day is 573.5-591.1.
* Crude palm oil gains as support continues as centre has raised the import duty on crude palm oil to 30% from 15%.
* Moreover, for the second half of Nov, base import price for crude palm oil and refined, bleached and deodorized palm oil were raised by $8 per tn each.
* Palm oil shipments from Malaysia for Nov. 1-20 fell 6.2% compared with the same period last month.
* Crude palm oil prices in spot market dropped by 6.10 rupees and settled at 588.40 rupees.
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