Crude palm oil futures firm at Rs 784.30 per 10 kg on positive overseas cues

Crude palm oil futures traded firm at Rs 784.30 per 10 kg on October 20 as participants trimmed long positions as seen by the open interest. Malaysian palm oil futures gained 2.04 percent to trade at 2,947 Ringgits on Bursa Malaysia Bhd.

Malaysia’s crude palm oil output rose 0.3 percent on month to 1.87 million tons in September, according to the Malaysian Palm Oil Board.

In the futures market, Crude Palm Oil (CPO) for October delivery touched an intraday high of Rs 786.90 and an intraday low of Rs 782.50 per 10 kg on MCX. So far, in the current series, CPO has touched a low of Rs 710.40 and a high of Rs 818.50.

At 1439 hours, CPO delivery for October gained 2.10, or 0.27 percent, at Rs 784.20 per 10 kg with a business turnover of 2,924 lots.

Delivery for November rose Rs 3.90, or 0.5 percent, at Rs 779.30 per 10 kg with a business volume of 3,422 lots.

The value of October and November contracts traded so far is Rs 44.20 crore and Rs 68.62 crore, respectively.

MPOB reported that lower CPO stock in India will keep MCX CPO range-bound with a positive bias during the day, Kotak Securities said.

As of October 16, MCX CPO was trading at a premium of Rs 2 from import cost at Kandla Port.