Crude palm oil futures up on firm global cues

Crude palm oil futures prices traded marginally higher by 0.16 per cent to Rs 570.90 per 10 kg today, as speculators enlarged their positions, supported by a firming global trend.

At the Multi Commodity Exchange, crude palm oil for March traded higher by 90 paise, or 0.16 per cent, to Rs 570.90 per 10 kg, with a business turnover of single lot.

Likewise, the oil for delivery in February inched up by 30 paise, or 0.05 per cent, to Rs 568.70 per 10 kg, with a business turnover of two lots.

Market analysts said besides firming trend in global markets, fresh buying by speculators mainly led to the rise in crude palm oil futures prices.

Meanwhile, palm oil futures for April delivery rose 1.4 per cent to $1,220 a metric tonne in Kuala Lumpur.