Crude palm oil up by 0.9% on overseas cues

Rise in crude palm oil prices was mostly attributed to fresh positions created by speculators on rising demand

Crude palm oil futures today rose further by 0.93% to Rs 498.60 per 10 kg as speculators created fresh positions on rising demand in spot market coupled with a firming trend overseas.

 

At the Multi Commodity Exchange, crude palm oil prices for July delivery rose Rs 4.60, or 0.93%, to Rs 498.60 per 10 kg, with a trading volume of 121 lots.

 

Similarly, the oil prices for delivery in August moved up by Rs 4.10, or 0.83%, to Rs 493.60 per 10 kg, with a business turnover of 151 lots.

 

Analysts said the rise in crude palm oil prices at futures trade was mostly attributed to fresh positions created by speculators on rising demand in spot market and a firming overseas trend.

 

Globally, palm oil advanced by 1.40% to $713 a tonne on the Malaysia Derivatives Exchange.