ET:Crude palm oil moves up in futures trade on global cues
NEW DELHI: Taking positive cues from the global markets, crude palm oil prices traded higher by Rs 3.40 to Rs 423.30 per 10 kg in futures market today as speculators created fresh positions.
At the Multi Commodity Exchange, crude palm oil for delivery in November rose by Rs 3.40, or 0.81 per cent, to Rs 423.30 per 10 kg, with a business turnover of 813 lots.
Similarly, the oil for delivery in October moved up by Rs 3.20, or 0.67 per cent, to Rs 417.70 per 10 kg in 488 lots.
Marketmen said a firming trend overseas after China, the world's largest consumer of cooking oils, showed signs of recovery as industrial production and retail sales accelerated in September mainly influenced crude palm oil prices at futures trade.
Meanwhile, palm oil for the contract for January delivery jumped 1.5 per cent to USD 827 a tonne on the Malaysia Derivatives Exchange.
