Palm oil up 0.74% on global cues
Crude palm oil moved up by Rs 3.50 to Rs 474.50 per 10 kg in futures trading today as speculators enlarged their position amid a firming global trend.
At the Multi Commodity Exchange, crude palm oil for delivery in September moved up by Rs 3.50, or 0.74%, to Rs 474.50 per 10 kg, with a trade turnover of 128 lots.
The August contract edged up by Rs 3.10, or 0.65%, to Rs 477 per 10 kg, with an open interest of 248 lots.
Market analysts said besides a firming trend in overseas markets, pick-up in the spot market demand also pushed up crude palm oil futures prices.
Meanwhile, palm oil futures for October-delivery contract advanced 2 per cent to $990 a tonne on the Malaysia Derivatives Exchange.