08/03/2011 (Indian Express) - Crude palm oil traded higher by 0.18 per cent to Rs. 556 per 10 kgs in futures trade on Monday as speculators enlarged their positions influenced by a firm global trend.

Better demand in the spot market due to the ongoing marriage season also supported the uptrend.

At the Multi Commodity Exchange, crude palm oil for March contract gained Rs. 1, or 0.18 per cent, to Rs. 556 per 10 kgs in a single lot.

Similarly, the oil for delivery in April contract traded higher by the same margin to Rs. 559 per 10 kgs in one lot.

Market analysts said a firm trend in global markets and rising demand in the spot market mainly pushed up crude palm oil futures prices.

Meanwhile, palm oil futures for delivery in the month of May climbed 1 per cent to USD 1,220 a tonne on the Malaysia Derivatives Exchange.