ET:Crude palm oil rise by 0.62 per cent in futures trade on global cues
NEW DELHI: Taking positive cues from the global market, crude palm oil rose by 0.62 per cent to Rs 550.50 per 10 kg in futures trade today as speculators enlarged positions.
At the Multi Commodity Exchange, crude palm oil for delivery in March rose by Rs 3.40, or 0.62 per cent to Rs 550.50 per 10 kg in business turnover of 169 lots.
Similarly, the oil for delivery in February gained Rs 1.80, or 0.33 per cent to Rs 548 per 10 kg in 126 lots.
Analysts attributed the rise in crude palm oil futures to a firm global trend on concern that dry weather in Brazil may damage soybean crop in the world's biggest exporter, trimming global cooking oil inventories.
Meanwhile, palm oil for April delivery increased 0.9 per cent to 782 dollar a metric tonne on the Malaysia Derivatives Exchange.
