Crude Palm oil futures hit lifetime high of Rs 1,167/10 kg on the MCX


Crude palm oil futures traded steady at Rs 1,162 per 10 kg on April 15 after touching a fresh lifetime high of Rs 1,167 during intraday on the MCX. Malaysian palm oil futures rose 2.17 percent to settle at 3,811 Ringgits on Bursa Malaysia Bhd.

Crude palm oil swung between profits and losses after a flat-to-positive opening in the evening session.

The agri commodity has been trading higher than 5, 20, 50, 100 and 200-days’ moving averages on the daily chart. The Relative Strength Index (RSI) is at 60.83, which indicates positive momentum in the prices.

A higher-than-expected production and steep fall in domestic consumption compelled Malaysian Palm Oil Board (MPOB) to show the country’s palm oil stock above 14 lakh ton by the end of March, which is much higher than market expectation, said Kotak Securities.

“MCX CPO April has been sustaining above previous resistance of Rs 1,148-1,152 levels. We may expect bulls to dominate the upcoming session where a day low of Rs 1,149.1 could act as intraday support for the prices. On the upside, Rs 1,173- Rs 1,178 levels could be tested”, said Kshtij Purohit, Product Manager Currency & Commodities, CapitalVia Global Research Limited.

In the futures market, Crude Palm Oil (CPO) for April delivery touched an intraday high of Rs 1,167 and an intraday low of Rs 1,149.10 per 10 kg on MCX. So far in the current series, CPO has touched a low of Rs 883.10 and a high of Rs 1,167.

CPO delivery for April slipped by Rs 1.50, or 0.13 percent to Rs 1,158.70 per 10 kg at 20:17 hours IST with a business turnover of 5,001 lots.

CPO delivery for May gained Rs 1.60, or 0.14 percent at Rs 1,114 per 10 kg with a business volume of 4,222 lots.

The value of April and May’s contracts traded so far is Rs 241 crore and Rs 157.40 crore, respectively.

Kotak Securities expects MCX CPO to trade range-bound with positive bias for the near future amid firm cues from BMD CPO since morning.

As of April 9, MCX CPO April was trading at a discount of Rs 38 from import cost at Kandla Port.

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