Crude palm oil futures up on rising demand

Crude palm oil futures prices rose by Rs 9.60 to Rs 550.40 per 10 kg today, as speculators created fresh positions on expectations of a rise in demand in the spot market in view of the upcoming marriage season.

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

On the Multi Commodity exchange counter, crude palm oil for February delivery rose by Rs 9.60, or 1.77 per cent, to Rs 550.40 per kg, with trading volume of 233 lots.

Similarly, the oil for delivery in January moved up by Rs 9.50 or, 1.76 per cent, to Rs 545.90 per 10 kg, with a business volume of 991 lots, while December month contract inched up by Rs 9.10, or 1.73 per cent, to Rs 533.10 per 10 kg, with a trade volume of 166 lots.

Analysts said fresh buying by speculators on hopes of pick up in demand in the spot market due to upcoming marriage season, mainly led to rise in crude palm oil at futures market.