Crude palm oil futures trade firm at Rs 828.60 per 10 kg on October 28 as participants trimmed their long positions. Malaysian palm oil futures gained 1.07 percent to 3,098 ringgit on Bursa Malaysia.
Exports of Malaysia palm oil during October 1-25 increased 7 percent month-on-month due to robust buying by India and China.
The Indian government’s plans to reduce import duty on edible oil is positive for palm oil.
In the futures market, crude palm oil (CPO) for October delivery touched an intraday high of Rs 835.60 and a low of Rs 824 per 10 kg on the Multi-Commodity Exchange (MCX). So far in the current series, CPO has touched a low of Rs 710.40 and a high of Rs 835.60.
The value of October and November’s contracts traded so far is Rs 24.28 crore and Rs 151.08 crore, respectively.
Market talk of Indian government planning to reduce import duty on edible oil will keep MCX CPO rangebound with a negative bias, Kotak Securities said.