MUMBAI (Commodity Online): Crude Palm Oil futures rose on Monday as traders created fresh positions on rising demand on the back of firm demand amid tracking firm global cues.
At MCX CPO September contract is currently trading at Rs.501.30 per contract, higher by 0.78% against the previous close.
In the morning session the contract traded at a high of Rs.498.60-502.50 per quintal and open interest of the contract is 5304 lots for the time being.
A firming trend in overseas market also influenced Crude Palm Oil prices in the market. Indonesia said it will reduce the maximum export tax on palm oil to 22.5% from 25% and to 13% from 25% for refined palm products.
Cargo surveyors are likely to show a drop in Malaysian exports for the period September 1-10 as buying normalises, although some traders say top importers India and China are waiting for prices to fall still more before committing.
