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Crude palm oil marginally up on overseas cues

Marriage season triggered the uptrend in the trade

Press Trust of India New Delhi
Crude palm oil futures for March rose by Rs 2.90, or 0.63%, to Rs 461.30 per 10 kg in 325 lots.

At the Multi Commodity Exchange (MCX), the February contract traded higher by Rs 2.50, or 0.55%, to Rs 452.10 per 10 kg in 462 lots.

Traders enlarging holdings on the hopes of a surge in spot market demand due to marriage season troggered the uptrend in crude palm oil futures.

Speculation that reserves in Malaysia may drop from a record as India boosted purchases to meet a shortfall also influenced crude palm oil futures here.

On the Malaysia Derivatives Exchange (MDEX), the April contract gained 0.8% to 2,566 ringgit ($828) a tonne. 

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First Published: Feb 07 2013 | 3:42 PM IST

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