ET:Crude palm oil futures up 0.42% on global cues, spot demand
NEW DELHI: Crude palm oil prices rose by 0.42 per cent to Rs 476.50 per 10 kg in futures trade today as speculators created fresh positions driven by a firming trend overseas and rising spot demand.
On the Multi Commodity Exchange, crude palm oil for the June contract rose by Rs 2, or 0.42 per cent, to Rs 476.50 per 10 kg, with a trading volume of 236 lots.
Similarly, the oil for delivery in May moved up by 50 paise, or 0.10 per cent, to Rs 475.70 per 10 kg, with a business turnover of 38 lots.
Analysts said besides rising spot demand, a firming trend in the global market as consumption usually rises during the Muslim fasting month of Ramadan influenced crude palm oil futures prices.
Globally, in Malaysia, the August contract advanced as much as 0.40 per cent to 2,391 ringgit (USD 787) a tonne on the Malaysia Derivatives Exchange.
