Crude palm oil futures up 0.91% on spot demand, global cues

NEW DELHI: Supported by a firming trend in global markets and rising domestic demand, crude palm oil prices gained 5 to Rs 556.50 per 10 kg in futures trade today.

The trading sentiment bolstered as palm oil gained in overseas markets on concern that stockpiles in Malaysia, the second-largest supplier after Indonesia, may have declined in May to the lowest level in more than a year.

At the Multi Commodity Exchange, crude palm oil for delivery in June rose by Rs 5, or 0.91 per cent, to Rs 556.50 per 10 kg in business turnover of 170 lots.

Similarly, the oil for delivery in July contract gained Rs 4.90, or 0.89 per cent, to Rs 556.60 per 10 kg in 415 lots.

Analysts said apart from a rising demand in the spot market, firming trend in global markets mainly pushed up crude palm oil prices at futures trade.

Meanwhile, palm oil for August delivery advanced 2 per cent to $ 953 a tonne on the Malaysia Derivatives Exchange.