Crude palm oil futures remain up as demand picks up

Crude palm oil prices rose by Rs 3.20 to Rs 473 per 10 kg in futures trade today as speculators indulged in creating fresh positions on rising spot market demand ahead of festive season.

Firming trend in overseas market also influenced the crude palm oil prices at futures market.

At the Multi Commodity Exchange, crude palm oil for October delivery rose by Rs 3.20, or 0.68%, to Rs 473 per 10 kg, with a trading volume of 58 lots. 

Similarly, the oil for September delivery moved up by Rs 3.10, or 0.65%, to Rs 477 per 10 kg, with a business volume of 32 lots. The oil for August delivery inched up by Rs 2.60, or 0.54%, to Rs 480.70 per 10 kg, with a trading volume of 65 lots.

Analysts said fresh buying by speculators on pick-up in demand in the spot market ahead of festive season, mainly led to rise in crude palm oil prices at futures market.

Meanwhile, palm oil gained 1.1% to $1,008 a tonne on the Malaysia Derivatives Exchange.