Crude palm oil marginally up on spot demand

A firming trend in overseas markets supported the oil prices in futures trade

Crude palm oil prices were marginally up by Rs 6.10 to Rs 578.90 per 10 kg in futures trade today as speculators created fresh positions, driven by hopes of pick-up in demand in spot markets.

Firming trend in overseas markets also supported the oil prices in futures trade.

On the MCX, the June delivery rose by Rs 6.10, or 1.06%, to Rs 578.90 per kg with a trading volume of 403 lots.

The May contract moved up by Rs 5.40, or 0.95%, to Rs 573.10 per 10 kg, with a business turnover of 182 lots.

Analysts said fresh positions created by speculators, driven by hopes of pick-up in demand in spot markets, mainly led to a rise in crude palm oil prices at futures market.

Meanwhile, palm oil gained 2% to $1,012 dollar a tonne on the Malaysia Derivatives Exchange.