Crude palm oil tad higher on global cues

Tracking a firm global trend, crude palm oil prices marginally up by 0.07% to Rs 448.50 per 10 kg in futures trade today as speculators created fresh position.

At the Multi Commodity Exchange, the January contract edged up by 30 paise, or 0.07%, to Rs 448.50 per 10 kg in business turnover of 114 lots.

The November contract traded higher by 10 paise, or 0.02%, to Rs 437.90 per 10 kg in 293 lots.

Market analysts attributed the marginal rise in crude palm oil futures to firm global trend as crude oil rose on concern that West Asian unrest will disrupt supplies, increasing the appeal of vegetable oils as biofuel feedstock.

Meanwhile, palm oil for the contract for February delivery advanced 2.1% to 809 dollar a metric tonne on the Malaysia Derivatives Exchange, the highest since November 2.