Palm oil up 0.4% on global cues

Crude palm oil futures prices traded higher by Rs 2.10 to Rs 524.50 per 10 kg today, as speculators enlarged their positions on the back of pick-up in demand in the spot market amid firming global trend.

At the Multi Commodity Exchange, crude palm oil for delivery in March traded higher by Rs 2.10, or 0.40%, to Rs 524.50 per 10 kg in business turnover of 277 lots.

The February contract edged up by Rs 1.40, or 0.27%, to Rs 518 per 10 kg in 455 lots.

Analysts said apart from firming global trend, pick-up in demand in the spot market in view of ongoing marriage season mainly led to rise in crude palm oil prices at futures trade.

Meanwhile, palm oil gained 0.9% on the Malaysia Derivatives Exchange.