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Crude oil prices to trade sideways to higher: Angel Commodities – Moneycontrol.com

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Angel Commodities’ commodity report on Crude oil

MCX CPO closed higher tracking firm trend in other oil and oilseed prices despite weak Malaysian palm oil prices. Earlier in the month, the base import prices of refined, bleached and deodorised palm oil, refined, bleached and deodorised palmolein and crude palmolein have been cut by $12 per tonne each for first half of August which have put pressure on prices. Moreover, higher imports and stock data are keeping the prices under pressure. Imports of palm oil increase by 35% on Year to 8.2 lakh tonnes compared to 61 lt last year. During the first 8 months of current oil year, the imports are higher by 5.7% to 59.21 lt compared to 56 lt last year same period.

Outlook

CPO futures may trade sideways to lower on expectation of weak Malaysian prices due to higher production in coming months. Moreover, higher stocks in the physical market may pressurize prices. However, reports of increase the import duty of edible oil in the country may keep prices supportive.

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