Crude palm oil futures up on global cues

PTI New Delhi | Updated on May 10, 2011 Published on May 10, 2011

Crude palm oil prices rose for the second straight day by adding Rs 3.90 to Rs 520.80 per 10 kg at the futures trade today as speculators enlarged their positions on the back of a rising trend at the spot market.

A firming trend overseas also boosted the trading sentiment.

At the Multi Commodity Exchange, crude palm oil for delivery in May added Rs 3.90 or 0.75 per cent to Rs 520.80 per 10 kg with a business turnover of 17 lots.

Similarly, July contract edged up by Rs 2 or 0.39 per cent to Rs 513.70 per 10 kg with an open interest of two lots and June contract moved up by Rs 1.50 or 0.29 per cent to Rs 515.60 per 10 kg with a business turnover of 22 lots.

Analysts said besides a firming trend in the overseas markets, pick-up in spot market demand mainly pushed up crude palm oil futures prices.

In Malaysia, palm oil gained 1.1 per cent to 3,275 ringgit ($1,096) per metric tonne, extending Monday’s gain of 1.4 per cent.

Published on May 10, 2011
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