Crude palm oil futures rise on global cues

Crude palm oil prices moved up by Rs 2.60 to Rs 487.80 per 10 kg in futures trading today, as speculators, supported by a firm global trend, enlarged their positions.

Increased demand in the spot market further fueled the uptrend.

At the Multi Commodity Exchange, crude palm oil December month gained Rs 2.60 or 0.54 per cent to Rs 487.80 per 10 kg, with a business turnover of 3 lots.

Likewise, the oil for delivery in November month edged up by Rs 2.40 or 0.49 per cent to Rs 487.50 per 10 kg in single lot.

Traders said a firming trend at global markets and pick up in domestic demand influenced crude palm oil futures prices here.

Meanwhile, palm oil futures for the February-delivery contract jumped by 2.3 per cent to $1,017 a metric tonne on the Malaysia Derivatives Exchange.