Crude palm oil rise due to overseas cues

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On May 31, 2011, the prices of crude palm oil for the May contract gained Re 1, or 0.19% to Rs 535 per 10 kg in four lots at the Multi Commodity Exchange (MCX) since fresh holdings were created by the traders tracking the steady overseas trend.

The oil for the June contract traded higher by 50 paise, or 0.09% to Rs 533.90 per 10 kg, with a business turnover of 45 lots at the MCX.

The palm oil gained 0.8% on the Malaysia Derivatives Exchange.

Moreover, the rise in the spot market demand also supported the prices of the oil.

Read more about: crude palm oil, mcx, commodity
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