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Crude palm oil futures maintain upward trend on surging demand

Press Trust of India  |  New Delhi 

Continuing its rising streak for the fourth straight day, crude palm oil prices moved up by 0.38 per cent to Rs 529 per 10 kg in futures trade today as traders engaged in enlarging their positions, tracking a firm trend at spot market on rising demand.

At the Multi Commodity Exchange, crude palm oil for delivery in October rose by Rs 2 or 0.38 per cent to Rs 529 per 10 kg in business turnover of 70 lots.

Similarly, the oil for delivery in November contracts went up by Rs 1.40 or 0.28 per cent to Rs 506.70 per 10 kg in 135 lots.

Analysts said widening of positions by participants due to pick up in demand in the spot market against tight stocks position on restricted supplies from producing regions mainly kept crude palm oil prices higher at futures trade.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Wed, October 19 2016. 12:13 IST