Crude palm oil marginally up on global cues

Crude palm oil futures traded marginally higher by Rs 3.60 to Rs 523.50 per 10 kg today, on pick-up in demand in the spot markets amid a firming global trend.

Traders enlarged their holdings on the hopes of a surge in the demand in the spot markets due to marriage season.

At the Multi Commodity Exchange, crude palm oil for delivery in February rose by Rs 3.60, or 0.69%, to Rs 523.50 per 10 kg, with a trading volume of 10 lots.

The December contract traded higher by Rs 3.40, or 0.66%, to Rs 513.90 per 10 kg, with a business volume of 94 lots, while January palm oil edged up by Rs 3.30, or 0.64%, to Rs 518.10 per 10 kg, with a trade volume of 52 lots.

Market analysts said apart from a firming trend overseas, pick-up in the spot demand at domestic markets, also helped crude palm futures prices to trade marginally higher.

Meanwhile, palm oil for the February contract gained 1.4% to 3,106 ringgit ($989) a tonne on the Malaysia Derivatives Exchange.