Crude palm oil rises 1% on global cues

Speculators take fresh positions as February palm gains 1.2% in Malaysia

Tracking a firm global trend, crude palm oil prices rose by Rs 4.40 to Rs 444.70 per 10 kg in futures trade today as speculators created fresh positions.

At the Multi Commodity Exchange, crude palm oil for delivery in December rose by Rs 4.40, or 1.00 per cent to Rs 444.70 per 10 kg in business turnover of 442 lots.

November palm oil edged higher by Rs 3.30, or 0.76 per cent to Rs 436.70 per 10 kg in 427 lots.

Market analysts said speculators created fresh positions in tandem with a firm global trend mainly influenced crude palm oil prices at futures market.

Meanwhile, palm oil for February delivery advanced 1.2 per cent to $793 a metric tonne on the Malaysia Derivatives Exchange.