Crude palm oil gains 0.9% on global cues

Tracking a firm global trend, crude palm oil prices gained 0.86% to Rs 526.90 per 10 gram in futures trade today as speculators created fresh positions.

     

Sentiment bolstered as crude palm oil climbed to a five-week high in global markets as soybeans rallied on concern that dry weather in the US may hurt crops in the largest grower.

 

At the Multi Commodity Exchange, crude palm oil for delivery in August gained Rs 4.50, or 0.86% to Rs 526.90 per 10 kg in business turnover of 154 lots.

 

Similarly, the Oil for September contract edged up by Rs 4.30, or 0.83% to Rs 520 per 10 kg in 133 lots.

     

Market analysts said speculators creating fresh positions in tandem with a firm global trend mainly led to rise in crude palm oil prices at futures trade.

 

Meanwhile, palm oil gained 1.3% to 713 dollar a metric tonne, the highest since July 12, on the  Malaysia Derivatives.