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Last Updated : Jul 21, 2020 03:15 PM IST | Source: Moneycontrol.com

Crude palm oil futures touch fresh high of Rs 722.10/kg

In the futures market, crude palm oil (CPO) for August delivery touched an intraday high of Rs 722.10 and an intraday low of Rs 712 per 10 kg on the MCX

Crude palm oil futures jumped to Rs 719.50 per 10 kg on July 21 as participants increased their long positions. Malaysian palm oil futures is experiencing a higher trend on stronger soyoil prices and as heavy rains in Indonesia, Malaysia and China stoked supply concerns.

Malaysian Palm Oil Association said around 25 percent of potential palm fruits are being lost due to labour shortage in the country and they fear the worse in coming months.

In the futures market, crude palm oil (CPO) for August delivery touched an intraday high of Rs 722.10 and an intraday low of Rs 712 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 722.10.

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CPO futures for August delivery gained Rs 3.70, or 0.52 percent, to Rs 718.90 per 10 kg at 14:53 hours IST on a business turnover of 3,689 lots. The same for September delivery rose Rs 0.80, or 0.11 percent, to Rs 715.60 per 10 kg on a business volume of 1,279 lots.

The value of August and September contracts traded so far is Rs 120.10 crore and Rs 23.13 crore, respectively.

Kotak Securities expects MCX CPO to trade steady with positive bias on July 21 amid an expected rise in BMD CPO.

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First Published on Jul 21, 2020 03:15 pm
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