Crude palm oil gains 2.3% on firm global cues

Tracking a firm global trend, crude palm oil prices shot up by Rs 13.20 to Rs 582 per 10 kg in futures trade today as speculators created fresh positions.

At the Multi Commodity Exchange, April crude palm oil shot up by Rs 13.20, or 2.32%, to Rs 582 per 10 kg, with a business turnover of 263 lots.

The March delivery moved up by Rs 10.20, or 1.83%, to Rs 568.10 per 10 kg, with an open interest of 85 lots.

Market analysts said speculators creating fresh positions in tandem with a firm global trend mainly led to the rise in crude palm oil prices at futures market.

Meanwhile, palm oil for May-delivery advanced 1.9% to $1,120 a tonne on the Malaysia Derivatives Exchange, the highest since June 7 on the Malaysian Derivatives Exchange.