MCX CPO gains tracking CBOT soy, weak ringgit

Crude palm oil contracts on MCX rose tracking gains in soyoil contracts on CBOT, and weakness in the ringgit against the dollar. Prices of soyoil and palm oil move in tandem, as they are used as substitutes. The most-active May contract on MCX was up 0.9% at 647.30 rupees per 10 kg. Gains in the parent contract on Bursa Malaysia Derivatives Exchange is also seen supporting the contracts. The most-active July contract was up 34 ringgit.