Crude palm oil touches fresh high of Rs 737.5 in futures trade

Crude palm oil futures climbed to Rs 737.50 per 10 kg on July 24 as participants increased their long positions. Malaysian palm oil futures settled with a 2.78 percent gain on Bursa Malaysia on July 24.

Malaysian palm oil output declined by 9 percent month-on-month in the first 20 days of July, according to Malaysian Palm Oil Association (MPOA).

In the futures market, crude palm oil (CPO) for August delivery touched an intraday high of Rs 737.50 and a low of Rs 728.80 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 737.50.

CPO futures for August delivery gained Rs 5.60, or 0.77 percent, to Rs 737.10 per 10 kg at 15:32 hours IST on a business turnover of 3,759 lots. The same for September delivery rose Rs 6.50, or 0.88 percent, at Rs 745.80 per 10 kg on a business volume of 2,287 lots.

The value of August and September contracts traded so far is Rs 127.51 crore and Rs 56.70 crore, respectively.

Kotak Securities expects MCX CPO to trade steady with a positive bias on July 24 amid increased imports in the past few weeks.

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