MCX Crude Palm Oil (CPO) closes lower on Tuesday weighed down by profit booking. Moreover, weak Malaysian palm oil prices and strength in rupees which makes imports cheaper for Indian importers is still weighing on prices. The stocks of Crude Palm Oil (CPO) in the country are higher by 20% compared to last year stocks at 23.44 lakh tonnes. Government reduced base import price of all edible oils, with the steepest plunge of $26 per tn in crude palm oil for first half of December also ease prices in the domestic market.
The prices have jumped higher in Nov when center 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.
Outlook
Crude Palm Oil (CPO) futures may trade sideways due to lower level buying but weaker international palm oil prices and reduced base import prices by the government for first half of December may keep prices under pressure.
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