Crude palm oil futures rise on global cues

Buoyed by firming trend overseas, crude palm oil prices rose by Rs 4.30 to Rs 574 per 10 kg in futures trading today as speculators enlarged their positions, influenced by a firming global trend.

At the Multi Commodity Exchange counter, crude palm oil for March continued to rise by Rs 4.30, or 0.75 per cent, to Rs 574 per 10 kg, with a business turnover of three lots.

Similarly, the oil for January-month delivery contract gained Re 1, or 0.18 per cent, to Rs 561 per 10 kg, with a business turnover of just one lot. 

Market analysts said firming trend in global markets mainly influenced crude palm oil futures prices here.

Meanwhile, palm oil futures for April-delivery gained 1.5 per cent to $1,227 a tonne in Kuala Lumpur.