02.09.2020 (www.moneycontrol.com) - In the futures market, Crude Palm Oil (CPO) for September delivery touched an intraday high of Rs 770 and an intraday low of Rs 758.4 per 10 kg on MCX.
Crude palm oil futures edged higher to Rs 764 per 10 kg on September 2 as participants increased their long position as seen by the open interest data. Malaysian palm oil futures gained 1.7 percent yesterday to settle at 2,784 Ringgits on Bursa Malaysia Bhd.
The rally in soy oil on the Chicago Board of Trade (CBOT) and prospects of higher demand in China due to lower stock lifted BMD CPO price.
However, weighing on the price is the sluggish exports from Malaysia in August and the expectation of lower import by India amid bumper crop will keep a cap on the price.
In the futures market, Crude Palm Oil (CPO) for September delivery touched an intraday high of Rs 770 and an intraday low of Rs 758.4 per 10 kg on MCX. So far in the current series, CPO has touched a low of Rs 626 and a high of Rs 776.70.
CPO delivery for September gained Rs 2.1, or 0.28 percent, to Rs 764 per 10 kg at 15:20 hours IST with a business turnover of 5,115 lots.
CPO delivery for September rose Rs 1.6, or 0.21 percent at Rs 763 per 10 kg with a business volume of 2,178 lots.
The value of September and October’s contracts traded so far is Rs 55.66 crore and Rs 21.58 crore, respectively.
The expectation of recovery in BMD CPO and increased edible oil demand in festive season will keep MCX CPO range-bound with positive bias for near future, said Kotak Securities.
As of September 1, MCX September CPO was trading at a discount of Rs 14 from import cost at Kandla port.