Crude palm oil up by 0.9% on overseas cues

Supported by a firming trend overseas, crude palm oil prices up by Rs 4.60 to Rs 495.10 per 10 kg in futures trade today on speculators creating fresh positions amid pick-up in demand in spot markets.

 

At the Multi Commodity Exchange, crude palm oil for delivery in August rose by Rs 4.60, or 0.94%, to Rs 495.10 per 10 kg, with a business turnover of 188 lots.

 

Oil prices for September contract increased by Rs 4.30, or 0.88%, to Rs 488.50 per 10 kg with a volume of 129 lots.

 

Market analysts said fresh buying by traders, influenced by a firming global trend mainly helped crude palm oil prices to trade higher at futures trade.

 

In Malaysia, palm oil gained 0.60% to $698 a tonne as  weaker ringgit increased prospects for exports, the world's second-largest producer.