Palm oil up 0.4% on strong global cues

Tracking a firming global trend, crude palm oil prices rose by Rs 2.20 to Rs 533 per 10 kg in futures trading today.

At the Multi Commodity Exchange, crude palm oil for delivery in March rose by Rs 2.20, or 0.41%, to Rs 533 per 10 kg, with a business turnover of 228 lots.

The February contract traded higher by Rs 1.60, or 0.31%, to Rs 524.60 per 10 kg, with an open interest of 743 lots.

Market analysts attributed the rise in crude palm oil futures to increased demand in the spot market amid firming a global trend.

Meanwhile, palm oil for the April-delivery climbed 0.6% to $1,046 a tonne on the Malaysia Derivatives Exchange, the highest price since January 25.