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Crude palm oil down over 2% at Rs 775.20 on weak demand

Date: 23-09-2020
Subject: Crude palm oil down over 2% at Rs 775.20 on weak demand
Crude palm oil futures fell over 2 percent to Rs 775.20 per 10 kg on September 23 as participants increased their short position. Malaysian palm oil futures slipped 2.67 percent to trade at 2,914 Ringgits on Bursa Malaysia Bhd.

The crude palm oil price fell from higher levels following profit booking in Soy oil after good gains.

Palm oil output in Malaysia from September 1-20 has risen over 5 percent month-on-month.

In the futures market, Crude Palm Oil (CPO) for September delivery touched an intraday high of Rs 793.60 and an intraday low of Rs 772 per 10 kg on MCX. So far in the current series, CPO has touched a low of Rs 626 and a high of Rs 814.70.

CPO delivery for September slipped 18, or 2.29 percent at Rs 775.20 per 10 kg at 16:50 hours IST with a business turnover of 2,111 lots.

CPO delivery for October eased Rs 20, or 2.53 percent at Rs 771.50 per 10 kg with a business volume of 3,812 lots.

The value of September and October’s contracts traded so far is Rs 103.90 crore and Rs 212.40 crore, respectively.

Kotak Securities expect MCX CPO to trade range-bound with negative bias for the next couple of sessions before it could bounce back again.

As of September 22, MCX CPO was trading at a discount of Rs 5 from import cost.


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