MUMBAI (Commodity Online): Crude Palm Oil futures fell Monday on the back of rising demand in the physical markets for the ongoing festive seasons.
At MCX crude palm oil December contract is trading at Rs.513.80 per Kg, higher by 0.57 per cent on 14:45 IST against the previous close.
In the morning session the contract traded at a range of Rs.512.57-514.10 per Kg. Open interest of the contract is 3410 lots and volume traded is 761 lots for the time being.
Market analysts said fresh buying by traders on expectations of a rise in demand during the marriage season mainly led to the rise in crude palm oil prices in futures trade.
Planters said November palm oil production may fall by 10-15 percent on heavy monsoon rains and a seasonal decline in yields.
As per latest release from Cargo Surveyor Intertek Agri Services, Malaysia's November 1-25 palm oil exports declined by 4.3% from the same period last month to 1.34 million metric tonnes.
As per latest release from General Administration of Customs, China's October palm oil imports jumped by 27% from the last month to reported at 4.57 lakh tonnes. Still, palm oil’s supportive supply fundamentals may prevent a sharp fall in prices the next few days.
