Crude palm oil futures up on global cues

Crude palm oil prices rose by Rs 2.80 to Rs 506.60 per 10 kg in futures trade today as speculators created fresh positions influenced by a firming global trend.

At the Multi Commodity Exchange, crude palm oil for delivery in April rose by Rs 2.80, or 0.56% to Rs 506.60 per 10 kg with a business turnover of single lot.

Similarly, the oil for delivery in May gained Rs 2.60, or 0.52% to Rs 503.80 per 10 kg, with an open interest of just one lot.   

Analysts attributed the uptrend in crude palm oil futures prices to fresh buying by speculators in tandem with a firming global trend. 

 

Meanwhile, palm oil gained 0.4% a tonne on the Malaysia Derivatives Exchange.