Global cues, spot demand lift crude palm oil futures

NEW DELHI: Continuing its rising streak for the fifth straight day, crude palm oil prices gained 0.73 per cent to Rs 468.50 per 10 kg in futures trading today, tracking a firming global trend.

At the Multi Commodity Exchange, crude palm oil for delivery in March moved up by Rs 3.40, or 0.73 per cent to Rs 468.50 per 10 kg in a business turnover of 62 lots.

On similar lines, the oil for delivery in February contracts traded higher by Rs 3.20, or 0.70 per cent to Rs 463.50 per 10 kg in 214 lots.

Analysts attributed the rising trend in crude palm oil futures to a firming global trend as palm oil stockpiles in Malaysia probably declined to the lowest since July after El Nino-induced dry weather reduced production in the world's second-largest grower.

Meanwhile, palm oil futures in Kuala Lumpur rose 1.7 per cent to 2,574 ringgit ($621) a tonne, the highest since May 2014.

Pick-up in demand at domestic spot market also supported the upside, they said.