Crude palm oil marginally up on spot demand

Prices rose as speculators created fresh positions

Crude palm oil prices traded marginally up by Rs 2.10 to Rs 482.80 per 10 kg in futures trade today as speculators created fresh positions amid pick-up in demand in spot markets.

On the Multi Commodity Exchange (MCX), the July contract rose by Rs 2.10, or 0.43%, to Rs 482.80 per kg in 50 lots.

The June contract went up by Rs 1.70, or 0.35%, to Rs 482.10 per 10 kg in 75 lots.

Analysts said fresh positions created by speculators following pick-up in demand in spot markets and a firming trend overseas, mainly led to a rise in crude palm oil prices at futures market.

Meanwhile, in Malaysia, palm oil advanced for the second day on speculation that demand may rebound ahead of the Muslim fasting month of Ramadan, trimming inventories in Malaysia, the world's second-largest producer.

The contract for August delivery climbed 0.60% to 2,411 ringgit ($779) a tonne on the Malaysia Derivatives Exchange (MDEX).