Crude palm oil futures rise 0.6% on global cues
Speculators engaged in creating positions, tracking a firming trend overseas
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Crude palm oil rose 0.62% to Rs 553.50 per 10 kg in futures trade today as speculators engaged in creating positions, tracking a firming trend overseas.
At the Multi Commodity Exchange, crude palm oil for delivery in March gained Rs 3.40, or 0.62% to Rs 553.40 per 10 kg in business turnover of 36 lots.
Similarly, the oil for delivery in February traded higher by Rs 3, or 0.56% to Rs 552.20 per 10 kg in 35 lots.
Analysts said speculators created fresh positions on the back of a firm global trend where palm oil climbed to the highest level in six weeks, mainly led to rise in crude palm oil prices at futures trade.
Meanwhile, palm oil for April delivery rose 0.7% to 798 dollar a metric tonne, the highest level since January 2 on Malaysia Derivatives Exchange.
At the Multi Commodity Exchange, crude palm oil for delivery in March gained Rs 3.40, or 0.62% to Rs 553.40 per 10 kg in business turnover of 36 lots.
Similarly, the oil for delivery in February traded higher by Rs 3, or 0.56% to Rs 552.20 per 10 kg in 35 lots.
Analysts said speculators created fresh positions on the back of a firm global trend where palm oil climbed to the highest level in six weeks, mainly led to rise in crude palm oil prices at futures trade.
Meanwhile, palm oil for April delivery rose 0.7% to 798 dollar a metric tonne, the highest level since January 2 on Malaysia Derivatives Exchange.
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First Published: Feb 13 2014 | 11:30 AM IST