Crude palm oil rises over 2% on spot demand

Crude palm oil prices rose by Rs 12 to Rs 580 per 10 kg in futures trade today as speculators created fresh positions amid expectations of pick up in spot demand.

Firming trend in overseas markets also supported the oil prices in futures trade.

On the Multi Commodity Exchange, the July delivery was up by Rs 12, or 2.11%, to Rs 580 per 10 kg, with a trading volume of 892 lots.

The June delivery moved up by Rs 10.70, or 1.89%, to Rs 574 per 10 kg, with a business turnover of 263 lots.

Meanwhile, the September-delivery palm oil advanced by 3.6% to 3,059 ringgit ($958) a tonne on the Malaysia Derivatives Exchange.

Analysts said fresh buying by speculators on hopes of pick-up in spot market demand and firming trend overseas led to a rise in crude palm oil prices at futures market.