Crude palm oil rises 1% on global cues

Pick up in domestic demand fuels uptrend

Buoyed by a firm global trend and pick up in domestic demand, crude palm oil prices rose by Rs 4.30 to Rs 421.70 per 10 kg in futures trade today.

At the Multi Commodity Exchange, crude palm oil for delivery in October rose by Rs 4.30, or 1.03%, to Rs 421.70 per kg 10 kg in a business turnover of 332 lots.

The November contract edged up by Rs 4.10, or 0.97%, to Rs 427.50 per 10 kg in 615 lots.

Market analysts attributed the rise in crude palm oil futures to pick up in demand in the spot market amid a firm global trend.

 

Meanwhile, palm oil for December contract gained 2.2% to $813 a tonne on the Malaysia Derivatives Exchange.