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Uptick in demand lifts crude palm oil futures 0.35 pc

Press Trust of India  |  New Delhi 

Crude palm prices moved up by 0.35 per cent to Rs 517.80 per 10 kg in futures trade today as traders created fresh positions, driven by pick-up in demand at the spot market.

Besides, a firming trend in overseas markets and tight stocks position on restricted supplies from producing regions fuelled the uptrend.

In futures trading at the Multi Commodity Exchange, crude palm for delivery in April went up by Rs 1.80, or 0.35 per cent, to Rs 517.80 per 10 kg in a business turnover of 330 lots.

Similarly, the for delivery in May edged up by Rs 1.20, or 0.24 per cent, to Rs 491.10 per 10 kg in 241 lots.

Analysts said fresh positions built up by participants following upsurge in demand in the spot market against restricted supplies from producing regions, mainly led to the rise in crude palm oil prices at futures trade.

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

First Published: Fri, April 21 2017. 11:42 IST