Palm oil up 0.2% on uptick in demand, global cues

Crude palm oil prices rose by 0.17% to Rs 537.20 per 10 kg in futures trade today as participants created fresh positions, driven by pick up in demand in the spot market.

Besides, a firm global trend also influenced sentiment.

At the Multi Commodity Exchange, crude palm oil for delivery in August edged up by 90 paise or 0.17% to Rs 537.20 per 10 kg in business turnover of 36 lots.

Similarly, the oil for delivery in September contracts inched up by 10 paise or 0.02% to Rs 524.50 per 10 kg in 41 lots.

Analysts said fresh positions built up by traders due to pick up in demand in the spot market amid a firm global trend mainly led to rise in crude palm oil prices at futures trade.
 

Meanwhile, palm oil futures for October delivery advanced 1.5% to 2,475 ringgit a tonne on Bursa Malaysia Derivatives, the highest level for the most-active contract since June 15 in yesterday's trade.