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News Admin
 
Date
 23/07/2020
News Provider
 Siti Safura Masiron
News Source
 www.moneycontrol.com
Headline
 Crude palm oil touches fresh high of Rs 735 in futures trade


22.07.2020 (www.moneycontrol.com) - In the futures market, crude palm oil (CPO) for August delivery touched an intraday high of Rs 735 and an intraday low of Rs 722 per 10 kg on the MCX



Crude palm oil futures were steady at Rs 724 per 10 kg on July 22 as participants increased their long positions. Malaysian palm oil futures retreated after touching Rs 2,690 in intraday trade on Bursa Malyasia (BMD) on July 21 on profit booking.



The Malaysian Meteorological Department predicted a wet spell in the country to last until the end of July as heavy rains caused flash floods, forcing the evacuation of hundreds of villagers.



In the futures market, crude palm oil (CPO) for August delivery touched an intraday high of Rs 735 and an intraday low of Rs 722 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 735.



CPO delivery for August gained Rs 1, or 0.14 percent, to Rs 725 per 10 kg at 15:13 hours IST on a business turnover of 3,562 lots. The same for September delivery rose Rs 6.60, or 0.91 percent at Rs 730.60 per 10 kg on a business volume of 2,514 lots.



The value of August and September contracts traded so far is Rs 116.73 crore and Rs 93.52 crore, respectively.



Kotak Securities expects MCX CPO to trade weak on July 22 amid a correction in BMD CPO on July 20.



https://www.moneycontrol.com/news/business/commodities/crude-palm-oil-touches-fresh-high-of-rs-735-in-futures-trade-5582581.html



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