 "Crude palm oil remain up by 5.8% on firm spot demand")
Crude palm oil prices rose by Rs 5.80 to Rs 505.50 per 10 kg in futures trade today as speculators created fresh positions driven by pick-up in spot market demand.
Palm oil imports by India, the world's largest buyer, probably jumped to the highest in three months in May as local supplies fell amid expanding demand.
Besides, a firming trend in overseas markets also supported the uptrend.
Similarly, crude palm oil for delivery in July increased by Rs 5.80, or 1.15%, to Rs 506.60 per 10 kg with a business turnover of 317 lots.
Analysts said fresh positions created by speculators amid pick-up in demand in spot markets mainly led to a rise in crude palm oil prices at futures market.
Meanwhile, the oil climbed 0.50% to $784 a tonne on the Malaysia Derivatives Exchange.
Palm oil imports by India, the world's largest buyer, probably jumped to the highest in three months in May as local supplies fell amid expanding demand.
Besides, a firming trend in overseas markets also supported the uptrend.
Also Read
On the Multi Commodity Exchange, crude palm oil for June delivery rose by Rs 5.80, or 1.16%, to Rs 505.50 per 10 kg, with a trading volume of 164 lots.
Similarly, crude palm oil for delivery in July increased by Rs 5.80, or 1.15%, to Rs 506.60 per 10 kg with a business turnover of 317 lots.
Analysts said fresh positions created by speculators amid pick-up in demand in spot markets mainly led to a rise in crude palm oil prices at futures market.
Meanwhile, the oil climbed 0.50% to $784 a tonne on the Malaysia Derivatives Exchange.
You’ve reached your limit of {{free_limit}} free articles this month.
Subscribe now for unlimited access.
Already subscribed? Log in
Subscribe to read the full story →*Subscribe to Business Standard digital and get complimentary access to The New York Times
Smart Quarterly
₹900
3 Months
₹300/Month
SAVE 25%
Smart Essential
₹2,700
1 Year
₹225/Month
SAVE 46%
*Complimentary New York Times access for the 2nd year will be given after 12 months
Super Saver
₹3,900
2 Years
₹162/Month
Subscribe
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app
SAVE 25%