Crude palm oil futures trade higher on global cues

Crude palm oil prices traded a shade higher by Re 1 to Rs 535 per 10 kg in futures trading today as speculators enlarged their positions on the back of a firming global trend. 

At the Multi Commodity Exchange, crude palm oil for delivery in May month gained Re 1, or 0.19% to Rs 535 per 10 kg in four lots. 

Similarly, the oil for delivery in June traded higher by 50 paise, or 0.09% to Rs 533.90 per 10 kg, with a business turnover of 45 lots.

Analysts said besides a firming trend in overseas markets, pick-up in spot market demand also helped crude palm oil futures prices to trade higher.

 

Meanwhile, palm oil gained 0.8% on the Malaysia Derivatives Exchange.