Crude palm oil up 0.7% on global cues
Rising spot demand supported the uptrend
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Crude palm oil prices rose by 0.67% to Rs 474.80 per 10 kg in futures trade today as speculators created fresh positions driven by a firming trend overseas and rising spot demand.
On the Multi Commodity Exchange (MCX), the June contract rose by Rs 3.20, or 0.67%, to Rs 474.80 per 10 kg in 277 lots.
The May contract moved up by Rs 2.80, or 0.59%, to Rs 474.60 per 10 kg in 284 lots.
Analysts said besides rising spot demand, a firming trend in the global market as consumption usually rises during the Muslim fasting month of Ramadan, influenced crude palm oil futures prices.
Globally, in Malaysia, the August contract advanced as much as 1% to 2,338 ringgit ($775) a tonne on the Malaysia Derivatives Exchange (MDEX).
On the Multi Commodity Exchange (MCX), the June contract rose by Rs 3.20, or 0.67%, to Rs 474.80 per 10 kg in 277 lots.
The May contract moved up by Rs 2.80, or 0.59%, to Rs 474.60 per 10 kg in 284 lots.
Analysts said besides rising spot demand, a firming trend in the global market as consumption usually rises during the Muslim fasting month of Ramadan, influenced crude palm oil futures prices.
Globally, in Malaysia, the August contract advanced as much as 1% to 2,338 ringgit ($775) a tonne on the Malaysia Derivatives Exchange (MDEX).
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First Published: May 17 2013 | 2:32 PM IST