Crude palm oil futures recover on spot demand
Crude palm oil prices recovered by Rs 4.60 to Rs 535 per 10 kg in futures trade today, as speculators created fresh positions largely on the back of pick-up in spot demand.
A firming trend in the overseas market further supported the uptrend in crude palm oil futures prices.
At the Multi Commodity Exchange, crude palm oil for delivery in May rose by Rs 4.60, or 0.87%, to Rs 535 per 10 kg, clocking a business turnover of two lots.
Likewise, the oil for delivery in March went up by Rs 3.70, or 0.70%, to Rs 535.80 per 10 kg, with an open interest of a single lot.
Analysts said fresh buying by speculators on rise in spot demand, due to the ongoing marriage season, mainly led to the recovery in crude palm oil prices at futures trade.
A firming trend overseas also influenced the trading sentiment, they added.
Meanwhile, palm oil futures rose 0.5% a metric tonne on the Malaysian Derivatives Exchange.