Crude palm oil futures up on global cues

Crude palm oil futures prices rose for the second straight day by adding Rs 5.70 to Rs 534.40 per 10 kg today as speculators enlarged their positions on the back of a rising trend at spot market.

Firming trend in overseas market further fueled the uptrend in crude palm oil prices, boosting the attractiveness of biofuels.

At the Multi Commodity Exchange, crude palm oil for delivery in July added Rs 5.70, or 1.07%, to Rs 534.40 per 10 kg, with a business turnover of 85 lots.

Similarly, the oil for delivery in June edged up by Rs 4.60, or 0.86%, to Rs 535.10 per 10 kg, with a trade volume of 37 lots, while August delivery was up by Rs 4.50, or 0.84%, to Rs 534.50 per 10 kg, with a business turnover of seven lots.

Analysts said besides firming trend in overseas markets, pick up in demand in the spot market mainly pushed up crude palm oil futures prices. In Malaysia, palm oil futures gained 0.7% to $1,138 per tonne.