Crude palm oil remains up on global cues

Domestic demand also pulled prices higher

Supported by a firming trend overseas, crude palm oil prices rose further by Rs 7.80 to Rs 546.20 per 10 kg in futures trading today as speculators enlarged their positions.

A pick-up in domestic demand in the spot markets further fuelled the uptrend in crude palm oil prices.

At the MCX, crude palm oil for delivery in June rose by Rs 7.80, or 1.45%, to Rs 546.20 per 10 kg in business turnover of 118 lots.

The July contract moved up by Rs 7.30, or 1.36%, to Rs 545.70 per 10 kg in 685 lots.

Market analysts said positions enlarged by speculators in line with a firming trend in the overseas markets, influenced crude palm oil prices here.

Meanwhile, palm oil for the September delivery advanced 0.8% on the Malaysia Derivatives Exchange.