Crude palm oil futures up on positive global cues

Crude palm oil prices rose by Rs 4.20, or 1.13 per cent, to Rs 377 per 10 kg in futures trading today on sustained buying by traders and a firming global trend.

Trading sentiment remained firm as palm oil gained for a second day in Malaysia, poised for a weekly advance, after the Malaysian exports data showed a strong demand from China, the largest consumer of palm oil.

At the Multi Commodity Exchange, crude palm oil for July contract rose Rs 4.20, or 1.13 per cent, to Rs 377 per 10 kg, with an open interest of 420 lots.

Similarly, the oil for delivery in May contract gained Rs 3.30, or 0.89 per cent, to Rs 375.70 per 10 kg, with a business volume of 1,597 lots.

Analysts said sustained buying by traders at spot markets and reports of a firming trend in overseas market led to a rise in crude palm oil prices in futures trade.

Meanwhile, palm oil for August-delivery advanced 0.6 per cent, to $750 a metric tonne on the Malaysia Derivatives Exchange.