Crude palm oil futures touch fresh record high of Rs 838.90 per 10 kg

Crude palm oil futures trade firm at Rs 837.50 per 10 kg on November 3 to touch a new lifetime high as participants widened their position as seen by the open interest. Malaysian palm oil futures gained 3.19 percent to trade at 3,070 Ringgits on Bursa Malaysia Bhd.

Crude palm oil price gained on expectations of good demand from India and China.

In the futures market, Crude Palm Oil (CPO) for November delivery touched an intraday high of Rs 838.90 and an intraday low of Rs 828.10 per 10 kg on MCX. So far in the current series, CPO has touched a low of Rs 737.50 and a high of Rs 838.90.

CPO delivery for November rose Rs 12.50, or 1.52 percent at Rs 837.50 per 10 kg at 14:46 hours IST with a business turnover of 4,902 lots.

CPO delivery for December gained Rs 12.40, or 1.52 percent at Rs 830.80 per 10 kg with a business volume of 1,902 lots.

The value of November and December contracts traded so far is Rs 128.17 crore and Rs 55.01 crore, respectively.

Speculations about the Indian government's plan to reduce import duty on edible oil, higher tariff on edible oil, huge discount from imported palm oil and optimism over festive demand may keep MCX CPO marginally positive, said Kotak Securities.

Geojit Financial Services said, “As prices sustain to trade above Rs 810, there  could be more rallies to Rs 830-838 levels.”

For all commodities-related news,  click here