Crude oil prices to trade sideways: Angel Commodities

Angel Commodities’ report on Crude oil

MCX CPO closed higher tracking firm Malaysian palm oil prices.Market participants have initiated some fresh buying in the counter. Earlier in the month the prices have been under pressure due to cut in the base import prices of refined, bleached and deodorised palm oil, refined, bleached and deodorised palmolein and crude palmolein by $12 per tonne each for first half of August. Imports of palm oil increase by 35% on year to 8.2 lakh tonnes compared to 6.1 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 on expectation of corrections in Malaysian prices today due to higher production in coming months. Moreover, higher stocks in the physical market may pressurize prices. Reports of increase the import duty of edible oil in the country may keep prices supportive.

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