Crude palm oil up 1.4% on spot demand, global cues

Good demand in the spot market amid a firm global trend influenced prices

Crude palm oil prices gained 1.39% to Rs 503 per 10 kg in futures trading today after participants enlarged positions largely  on rising demand in the spot market amid a firm global trend.

 

At the Multi Commodity Exchange, crude palm oil for delivery in September month gained Rs 6.90, or 1.39% to Rs 503 per 10 kg in business turnover of 330 lots.

 

Similarly, the oil for delivery in August contract moved up by Rs 5.20, or 1.03% to Rs 508.70 per 10 kg in 435 lots.

     

Market analysts said good demand in the spot market amid a firm global trend after the US cut its forecast for the soybean crop, more than analysts expected, spurring a rally in the oilseed that can be crushed to produce an alternative oil, mainly boosted the sentiment.

 

 

Meanwhile, palm oil for the contract for October delivery gained 2.3% to 705 dollar a metric tonne,the highest price for most active futures since July 19, on the Malaysia Derivatives,