Crude palm oil futures dip 0.34% to Rs 885.50 per 10 kg in afternoon trade
10.11.2020 (www.moneycontrol.com) - In the futures market, Crude Palm Oil (CPO) for November delivery touched an intraday high of Rs 886.90 and an intraday low of Rs 878.80 per 10 kg on the MCX index.
Crude palm oil futures traded lower at Rs 885.50 per 10 kg on November 10 as participants increased their short positions, as seen by the open interest. Malaysian palm oil futures gained 0.28 percent to trade at 3,236 Ringgits on the Bursa Malaysia (BMD) index.
The lower expectation in the world’s second-largest palm oil producer Malaysia has instilled strong momentum in BMD crude palm oil (CPO) futures, which breached all critical resistances the previous day.
In the futures market, CPO for November delivery touched an intraday high of Rs 886.90 and an intraday low of Rs 878.80 per 10 kg on the MCX index. So far in the current series, CPO has touched a low of Rs 737.50 and a high of Rs 891.10.
CPO delivery for November fell Rs 3, or 0.34 percent at Rs 885.50 per 10 kg at 2.49 pm with a business turnover of 4,083 lots.
CPO delivery for December slipped Rs 2.50, or 0.28 percent at Rs 880.30 per 10 kg with a business volume of 3,374 lots.
The value of November and December’s contracts traded so far is Rs 76.12 crore and Rs 49.01 crore, respectively.
Kotak Securities expects higher tariff on edible oil and optimism over festive demand may keep MCX CPO marginally positive during the day.
As of November 9, MCX November CPO was trading at a discount of Rs 10 from its import cost at Kandla port.