Palm oil up 1.4% on global cues

Tracking a firm global trend, crude palm oil prices surged by 1.37% to Rs 553 per 10 kg in futures trade today as participants enlarged positions.

Also, strong demand in the spot market fuelled the uptrend.

Read more from our special coverage on "CRUDE PALM OIL"

• Crude palm oil decline by 0.7% on profit-booking
• Crude palm oil up by 0.7% on pick-up in demand

At the Multi Commodity Exchange, crude palm oil for delivery in May month shot up by Rs 7.50, or 1.37% to Rs 553 per 10 kg in business turnover of 570 lots.

Similarly, the oil for delivery in April contracts traded higher by Rs 6.70, or 1.22% to Rs 552 per 10 kg in 623 lots.

Analysts said speculators creating fresh positions, taking positive cues from overseas markets.