In the futures market, CPO for August delivery touched an intra-day high of Rs 715.20 and an intra-day low of Rs 706.20 per 10 kg on MCX.
Crude palm oil (CPO) futures jumped to Rs 712.70 per 10 kg on July 20 as participants increased their long position as seen by the open interest. CPO gained 8.6 percent last week on Bursa Malaysia Derivatives Bhd.
However, CPO may come under profit booking on fall in demand in India on rising coronavirus cases and failing demand across the globe.
In the futures market, CPO for August delivery touched an intraday high of Rs 715.20 and an intraday low of Rs 706.20 per 10 kg on MCX. So far in the current series, it has touched a low of Rs 553 and a high of Rs 715.20.
CPO delivery for August gained Rs 8.90, or 1.27 percent, to Rs 712.30 per 10 kg at 14:54 hours IST with a business turnover of 3,408 lots.
CPO delivery for September jumped Rs 7.50, or 1.06 percent at Rs 712 per 10 kg with a business volume of 996 lots.
The value of August and September contracts traded so far is Rs 121.30 crore and Rs 9.17 crore, respectively.
Kotak Securities expects MCX CPO to trade steady with negative bias for today amid an expected reduction in edible oil demand by the HORECA business in the home country.
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