Crude palm oil marginally up on spot demand

Crude palm oil prices are marginally up by Rs 4.50 to Rs 618.80 per 10 kg in futures trade today as speculators created fresh positions amid hopes of a pick-up in demand in spot markets.

On the Multi Commodity Exchange, the June delivery rose by Rs 4.50, or 0.73%, to Rs 618.80 per kg, with a trading volume of 261 lots.

The May delivery moved up by Rs 4.40, or 0.71%, to Rs 616.70 per 10 kg, with a business turnover of 189 lots.

Analysts said fresh positions created by speculators, driven by hopes of pick-up in demand in spot markets, mainly led to a rise in crude palm oil prices at futures market.

Meanwhile, in Malaysia, the July contract climbed as much as 0.8% to 3,388 ringgit ($1,109) a tonne on the Malaysia Derivatives Exchange.