Crude palm oil marginally up on overseas cues

Marriage season triggered the uptrend in the trade

Crude palm oil futures for March rose by Rs 2.90, or 0.63%, to Rs 461.30 per 10 kg in 325 lots.

At the Multi Commodity Exchange (MCX), the February contract traded higher by Rs 2.50, or 0.55%, to Rs 452.10 per 10 kg in 462 lots.

Traders enlarging holdings on the hopes of a surge in spot market demand due to marriage season troggered the uptrend in crude palm oil futures.

Speculation that reserves in Malaysia may drop from a record as India boosted purchases to meet a shortfall also influenced crude palm oil futures here.

On the Malaysia Derivatives Exchange (MDEX), the April contract gained 0.8% to 2,566 ringgit ($828) a tonne.