Palm oil up 0.7% on global cues

Speculators take fresh positions as commodity rises 1% in Malaysia

Tracking a firming global trend, crude palm oil futures prices traded higher by Rs 3.90 to Rs 574.10 per 10 kg today as speculators created fresh positions.

At the MCX, crude palm oil for delivery in June added Rs 3.90, or 0.68%, to Rs 574.10 per 10 kg in business turnover of 195 lots.

The May contract gained Rs 3.80, or 0.67%, to Rs 570.80 per 10 kg in 51 lots.

Market analysts said fresh buying by speculators in tandem with a firming global trend, mainly led to rise in crude palm oil prices at futures market.

Meanwhile, palm oil for August delivery gained 1.2% to $1,001 a tonne on the Malaysia Derivatives Exchange.