Crude palm oil futures rose to Rs 759 per 10 kg on August 27 as participants increased their long position as seen by the open interest. Malaysian palm oil futures gained 1 percent yesterday to settle at 2,645 Ringgits on Bursa Malaysia Bhd.
Malaysian palm oil exports for August 1-25 declined 15-17 percent from last month. BMD CPO prices have been under pressure as Indian edible oil institutions have pushed for a restriction on edible oil import amid bumper oilseed crop in the country.
In the futures market, Crude Palm Oil (CPO) for September delivery touched an intraday high of Rs 762 and an intraday low of Rs 757 per 10 kg on MCX. So far in the current series, CPO has touched a low of Rs 626 and a high of Rs 762.
CPO delivery for September gained Rs 2, or 0.26 percent, to Rs 759 per 10 kg at 16:33 hours IST with a business turnover of 5,206 lots.
CPO delivery for September jumped Rs 3, or 0.40 percent at Rs 760.20 per 10 kg with a business volume of 1,919 lots.
The value of September and October’s contracts traded so far is Rs 82.35 crore and Rs 32.13 crore, respectively.
The expectation of recovery in BMD CPO will keep MCX CPO range-bound with positive bias today, said Kotak Securities.
As of August 24, MCX September CPO was trading at a discount of Rs 8 from import cost at Kandla port.
For all commodities related news, click here
