ET:Crude palm oil extends gains on firm overseas cues
NEW DELHI: Crude palm oil remained firm with prices rising by another 2.98 per cent to Rs 561.80 per 10 kg in futures trade today as traders and speculators indulged in expanding positions on strong demand in the spot market.
At the Multi Commodity Exchange, crude palm oil for delivery in November rose Rs 16.30, or 2.98 per cent, to Rs 561.80 per 10 kg, with a business turnover of 987 lots.
The oil for October delivery higher by Rs 10.50, or 1.92 per cent, to Rs 555.80 per 10 kg, with trading volume of 189 lots.
Analysts said sentiment buoyed largely in tune with a firming trend overseas after palm oil rallied to the highest level in eight months on speculation that wet weather will disrupt harvests in Malaysia.
Globally, palm oil for delivery in January contracts advanced 2.30 per cent to 2,555 ringgit (USD 810) a metric ton on the Bursa Malaysia Derivatives Exchange, the highest since February 22.
