Futures contracts of crude palm oil on MCX hit a six-week high of 491 rupees per 10 kg tracking benchmark contracts on the Bursa Malaysia Derivatives. The government is mulling an increase in import duty on edible oils, which also supported domestic prices. The most-active August contract on MCX traded at 490 rupees per 10 kg, up 1.11% from the previous close. On the Malaysian exchange, futures rose to a two-month high of 2,656 ringgits (39,835.74 rupees) per tn today due to higher demand from China, and tracking gains in soyoil contracts on CBOT. Prices of soyoil and crude palm oil usually move in tandem as they are used as alternatives in the production of bio-diesel.
Source: Newswire
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