Crude palm oil futures rise on global cues

Crude palm oil prices rose by Rs 3.30 to Rs 529.60 per 10 kg in futures trade today, as speculators created fresh positions, influenced by a firm global trend.

At the Multi Commodity Exchange counter, crude palm oil for delivery in January surged by Rs 3.30, or 0.63 per cent, to Rs 529.60 per 10 kg, with an open interest of just one lot. 

Similarly, the oil for delivery in December edged up by Rs 3, or 0.58 per cent, to Rs 522 per 10 kg, with a business turnover of two lots.

Market analysts said fresh buying by speculators in tandem with a firm global trend led to a rise in crude palm oil futures prices.

Meanwhile, palm oil futures prices for delivery in March gained 1.5 per cent, to $1,139 a metric tonne at the Malaysia Derivatives Exchange counter.