Crude palm oil futures strengthen on global cues

Crude palm oil prices surged for the second straight day adding Rs 2.50 to Rs 535 per 10 kg in futures trade today as speculators enlarged their positions, influenced by firm global trends.

At the Multi Commodity Exchange platform, crude palm oil for delivery in February gained Rs 2.50, or 0.53 per cent, to Rs 535 per 10 kg, with a business turnover of two lots.

Similarly, the oil for delivery in December traded higher by Rs 2.40, or 0.46 per cent, to Rs 523.50 per 10 kg, with an open interest of just one lot.

Palm oil futures prices for March delivery gained 1.1 per cent to $1,150 a tonne on the Malaysia Derivatives Exchange.