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Last Updated : Aug 14, 2020 04:05 PM IST | Source: Moneycontrol.com

Crude palm oil futures down 0.16% to Rs 740.7 per 10 kg

In the futures market, crude palm oil (CPO) for August delivery touched an intraday high of Rs 746 and a low of Rs 738.50 per 10 kg on the MCX

Crude palm oil futures eased to Rs 740.7 per 10 kg on August 14 as participants trimmed their positions. Malaysian palm oil futures for October was trading down 1.32 percent to 2,682 ringgit on Bursa Malaysia.

Palm oil prices fell tracking weakness in soyoil, higher inventories and weaker exports.

India's palm oil imports in July rose 1.4 percent from a year ago to 824,078 tonne, the highest level in 10 months, as a gradual easing of lockdown restrictions increased demand for the tropical oil from hotels and restaurants, Reuters’ reported, quoting trade body Solvent Extractors' Association of India.

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In the futures market, crude palm oil (CPO) for August delivery touched an intraday high of Rs 746 and a low of Rs 738.50 per 10 kg on the Multi-Commodity Exchange (MCX). So far in the current series, CPO has touched a low of Rs 553 and a high of Rs 758.8.

CPO futures for August delivery slipped Rs 1.2, or 0.16 percent, to Rs 740.7 per 10 kg at 15:18 hours IST on a business turnover of 3,700 lots.

The same for September delivery edged lowered by Rs 3.9, or 0.53 percent, at Rs 729 per 10 kg on a business volume of 3,439 lots.

The value of August and September contracts traded so far is Rs 59.25 crore and Rs 41 crore, respectively.

"MCX August CPO futures stood nearly steady at Rs 742/10 kg. However, increased domestic palm oil discount from import cost is likely to keep CPO rangebound with a positive bias for today," Kotak Securities said.

As of August 13, MCX CPO August was trading at a discount of Rs 31 from its import cost at Kandla port.

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First Published on Aug 14, 2020 04:05 pm
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