Crude palm oil up 0.48% on spot demand

Crude palm oil rose by 0.76% to Rs 421.20 per 10 kg in futures trade today on pick-up in spot markets demand amid firm global trend.

At the Multi Commodity Exchange, the January contract rose by Rs 3.20, or 0.76%, to Rs 421.20 per 10 kg with a trading volume of 397 lots. Likewise, the oil for delivery in December rose by Rs 2.60, or 0.63 per cent, to Rs 411 per 10 kg, with a business volume of 242 lots.

Analysts said apart from a firming trend overseas, pick- up in the spot demand mainly helped crude palm oil futures prices.

Meanwhile, palm oil gained 1.2% to $795 a tonne on the Malaysia Derivatives Exchange.