Crude palm oil futures scales fresh high of Rs 849 per 10 kg
Money Control (04/11/2020) - Crude palm oil futures traded firm at Rs 843.30 per 10 kg on November 4 as participants increased their position as seen by the open interest. Malaysian palm oil futures gained 0.71 percent to trade at 3,092 Ringgits on Bursa Malaysia Bhd.
The market expects export from Malaysia have surged 4-6 percent in October due to robust buying from India and China.
In the futures market, Crude Palm Oil (CPO) for November delivery touched an intraday high of Rs 849 and an intraday low of Rs 838 per 10 kg on MCX. So far in the current series, CPO has touched a low of Rs 737.50 and a high of Rs 849.
CPO delivery for November rose Rs 1, or 0.12 percent at Rs 843.30 per 10 kg at 14:38 hours IST with a business turnover of 4,894 lots.
CPO delivery for December gained Rs 1.40, or 0.17 percent at Rs 837.20 per 10 kg with a business volume of 2,326 lots.
The value of November and December’s contracts traded so far is Rs 132.06 crore and Rs 68.38 crore, respectively.
Kotak Securities expects higher tariff on edible oil, a huge discount from imported palm oil and optimism over festive demand may keep MCX CPO marginally positive today.
Geojit Financial Services said, “As prices sustain to trade above Rs 810 there could be more rallies towards Rs 845-850 levels.”