Crude palm oil futures trade higher on firm global cues

Crude palm oil prices gained Rs 2.30 to Rs 398 per 10 kg in futures market today as traders enlarged their positions driven by a rally in its prices in global market.

Trading sentiment turned better after palm oil rose to a three-month high after a report showed that shipments from Malaysia, the world's second-biggest producer, gained last month.

At the Multi Commodity Exchange, crude palm oil for August month rose by Rs 2.30, or 0.58 per cent, to Rs 398 per 10 kg with an open interest of 1,644 lots.

Similarly, the oil for delivery in September month gained Rs 2.20, or 0.56 per cent, to Rs 394 per 10 kg in 1,443 lots.

Marketmen said traders enlarging their positions on the back of firming global trend mainly pushed up the crude palm oil prices at futures trade.

Meanwhile, palm oil for October-delivery advanced 1.8 per cent to $810 a tonne on the Malaysia Derivatives Exchange, the highest level since May 3.