Crude palm oil futures up on global cues

Tracking firming global trend, crude palm oil futures prices recovered by Rs 2.40 to Rs 451.50 per 10 kg today, as speculators created fresh positions amid firming global trend.

At the Multi Commodity Exchange counter, crude palm oil for November month recovered by Rs 2.40, or 0.53 per cent to Rs 451.50 per 10 kg, with a trade volume of just one lot.

Similarly, the oil for delivery in October traded marginally higher by Rs 0.90, or 0.20 per cent, to Rs 450.50 per 10 kg, with a business turnover of two lots.

Market analysts said fresh positions created by speculators and reports of firming trend in overseas markets, mainly led to recovery in crude palm oil futures prices.

 

Meanwhile, palm oil futures for the January-delivery rose 1.1 per cent to $988 a metric tonne on the Malaysia Derivatives Exchange.