Crude palm oil futures remain up on global cues

Crude palm oil rose further by adding Rs 4.50 to Rs 552.80 per 10 kg in futures trade today, as speculators enlarged their positions on the back of a firming trend in the global market. 

Besides, increasing demand in the spot market, driven  by the ongoing marriage season, also supported the upside in the prices. 

At the Multi Commodity Exchange, crude palm oil for delivery in May strengthened by Rs 4.50, or 0.82 per cent, to Rs 552.80 per 10 kg, with an open interest of a single lot.  

Similarly, the oil for delivery in April contract gained Rs 2.60, or 0.47 per cent, to Rs 550 per 10 kg, with a business turnover of one lot.  

Analysts said fresh buying by speculators on pick up in spot demand, due to the ongoing marriage season, amid a firming global trend, mainly influenced crude palm oil futures prices.

Meanwhile, palm oil futures for delivery in May climbed by 1.3 per cent to $1,204 a metric tonne on the Malaysian Derivatives Exchange.