 "Palm oil up 0.6% on global cues")
Continued its rising streak for the third day, crude palm oil gained 0.63% to Rs 544.40 per 10 kg in futures trading today as speculators enlarged positions, driven by upsurge in demand in the spot market amid a firm global trend.
Firm global trend on speculation that dry weather in South America may cut soybean production, potentially trimming global cooking oil supplies further influenced crude palm oil prices.
At the Multi Commodity Exchange, crude palm oil for delivery in March added Rs 3.40, or 0.63% to Rs 544.40 per 10 kg in business turnover of 20 lots.
Analysts said speculation enlarged their positions on account of upsurge in demand in the spot market mainly helped crude palm oil prices to trade higher at futures trade for the third-day.
Meanwhile, palm oil for April delivery climbed 0.8% to 773 dollar a metric tonne on the Malaysia Derivatives Exchange.
Firm global trend on speculation that dry weather in South America may cut soybean production, potentially trimming global cooking oil supplies further influenced crude palm oil prices.
At the Multi Commodity Exchange, crude palm oil for delivery in March added Rs 3.40, or 0.63% to Rs 544.40 per 10 kg in business turnover of 20 lots.
More From This Section
Similarly, the oil for delivery in February edged up by Rs 3.30, or 0.61% to Rs 540.50 per 10 kg in 72 lots.
Analysts said speculation enlarged their positions on account of upsurge in demand in the spot market mainly helped crude palm oil prices to trade higher at futures trade for the third-day.
Meanwhile, palm oil for April delivery climbed 0.8% to 773 dollar a metric tonne on the Malaysia Derivatives Exchange.