Crude palm oil up on global cues

Tracking a firm trend overseas, crude palm oil prices rose by Rs 2.60 to Rs 528.30 per 10 kg, in futures trade today as speculators created fresh positions.

At the MCX, crude palm oil for delivery in June rose by Rs 2.60, or 0.49%, to Rs 528.30 per 10 kg, with a business turnover of 194 lots.

The July contract edged up by Rs 2.20, or 0.42%, to Rs 528.20 per 10 kg, with a business turnover of 372 lots.

Sentiment turned better at futures trade after palm oil gained in global markets on speculation that the US Federal Reserve will act to stimulate the economy as Europe's debt crisis curbs global growth, boosting demand for commodities.

Meanwhile, palm oil for the August-delivery climbed 1.4% to $911 a tonne on the Malaysia Derivatives Exchange.