Crude palm oil up 1.7% on global cues

August contract rises by similar margin

Supported by a firming trend overseas, crude palm oil prices went up by Rs 9.70 to Rs 568 per 10 kg in futures trade today as traders created fresh positions.

At the Multi Commodity Exchange, crude palm oil for delivery in September rose by Rs 9.70, or 1.73%, to Rs 568 per 10 kg, with a business turnover of 1,918 lots.

The August contract increased by Rs 9.60, or 1.72%, to Rs 567 per 10 kg, with a trading volume of 599 lots.

In Malaysia, palm oil gained as much as 2.4% to 3,032 ringgit a tonne on the Malaysia Derivatives Exchange, while futures were at 3,029 ringgit in Kuala Lumpur.

 

Market analysts said fresh buying by traders, influenced by a firming global trend, helped crude palm oil prices to trade higher at futures trade.