Crude palm oil up in futures trade on global cues

Buoyed by firming trend overseas, crude palm oil prices rose by Rs 6.40 to Rs 594.80 per 10 kg in futures trading today, as speculators enlarged their positions.

At the Multi Commodity Exchange, crude palm oil for delivery in March contract rose by Rs 6.40, or 1.09 per cent, to Rs 594.80 per 10 kg, with a business volume of a single lot.

Similarly, the oil for February delivery contract moved up by Rs 5.60, or 0.96 per cent to Rs 589.60 per 10 kg, with a business volume of one lot.

Market analysts said besides firming trend in global markets, increased buying by speculators mainly helped the crude palm oil futures prices to trade higher.

Meanwhile, palm oil futures for April delivery climbed one per cent to $1,295 a metric tonne, the highest since March 2008, on the Malaysia Derivatives Exchange.