Crude palm oil futures strengthen on global cues

Crude palm oil futures prices added Rs 1.80 to Rs 490.30 per 10 kg today, as speculators enlarged their positions on the back of a firm global trend.

At the Multi Commodity Exchange counter, crude palm oil for delivery in December added Rs 1.80, or 0.37 per cent to Rs 490.30 per 10 kg, with a business turnover of just two lots.

Similarly, the oil for delivery in November edged up by Rs 1.70, or 0.35 per cent to Rs 487 per 10 kg, with a business turnover of just one lot. 

Analysts said speculators increasing their positions due to rising demand in the spot markets, amid a firm global trend led to the rise in crude palm oil futures prices.

Meanwhile, palm oil futures for delivery in February rose by a per cent to $1,032 a tonne on the Malaysian Exchange.