Crude palm oil gains over 3% on global cues

November contract rises by similar margin

Tracking a firm global trend, crude palm oil prices gained 3% to Rs 407.10 per 10 kg in futures trade today as speculators created huge positions.

At the Multi Commodity Exchange, crude palm oil for delivery in October rose by Rs 11.90, or 3.01%, to Rs 407.10 per 10 kg, with a business turnover of 696 lots.

The November contract gained Rs 12, or 3.01%, to Rs 410.40 per 10 kg, with a business turnover of 723 lots.

Marketmen attributed the surge in crude palm oil futures to firm global trend that triggered speculative buying by participants.

Meanwhile, palm oil for December delivery jumped 4% to $802 a tonne on the Malaysia Derivatives Exchange.