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Last Updated : Oct 16, 2020 04:52 PM IST | Source: Moneycontrol.com

Crude palm oil firm at Rs 788.50 per 10 kg on positive global cues

In the futures market, crude palm oil (CPO) for October delivery touched an intraday high of Rs 792.80 and a low of Rs 784 per 10 kg on the MCX

Crude palm oil futures traded firm at Rs 788.50 per 10 kg on October 16 as participants increased their long position. Malaysian palm oil futures gained 0.57 percent to 2,992 Ringgits on Bursa Malaysia Bhd.

Malaysia’s palm oil exports in September are seen 10.5 percent higher month-on-month at 1.63 million tonne, according to cargo survey AmSpec Agri Malaysia.

In the futures market, crude palm oil (CPO) for October delivery touched an intraday high of Rs 792.80 and a low of Rs 784 per 10 kg on the Multi-Commodity Exchange (MCX). So far in the current series, CPO has touched a low of Rs 710.40 and a high of Rs 818.50.

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CPO futures for October delivery jumped by 0.38 percent to Rs 787.20 per 10 kg at 14:51 hours IST on a business turnover of 2,934 lots. The same for November gained Rs 3.6, or 0.46 percent, to Rs 783.80 on a business volume of 2,857 lots.

The value of October and November’s contracts traded so far is Rs 43.92 crore and Rs 53.61 crore, respectively.

Kotak Securities expects palm oil to trade steady in the near future as short term supply disruption from Malaysia and Indonesia may contain losses.

However, Geojit Financial Services sees traders booking profit till Rs 776-762 levels.

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First Published on Oct 16, 2020 04:52 pm
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