Crude palm oil up 0.3% on positive global cues

Tracking a firm global trend, crude palm oil prices were up by 0.34% to Rs 508.80 per 10 kg in futures trade today as traders built fresh positions after pickup in demand in the spot market.

Further, restricted supplies from producing regions too fuelled the uptrend.

At the Multi Commodity Exchange, crude palm oil for delivery in June month rose by Rs 1.70, or 0.34% to Rs 508.80 per 10 kg in business turnover of 30 lots.

Similarly, the oil for delivery in July contracts traded higher by Rs 1.20, or 0.24% to Rs 506.90 per 10 kg in 85 lots.
 

Analysts said the rise in crude palm oil prices was mostly attributed to building-up of positions by speculators, driven by a firming trend in the global market.