Crude palm oil rises 0.4% on spot demand

Firm global trend helps uptrend

Crude palm oil remained firm with prices rising by Rs 2.40 to Rs 568 per 10 kg in futures trade today as traders created fresh positions on the back of a firming spot demand.

At the Multi Commodity Exchange, crude palm oil for delivery in September rose by Rs 2.40, or 0.42%, to Rs 568 per 10 kg, with a business turnover of 528 lots.

The August contract increased by Rs 2.10, or 0.37%, to Rs 566 per 10 kg, with trading volume of 219 lots.

Meanwhile, in Malaysia, palm oil gained as much as 0.7% to 3,100 ringgit a tonne on the Malaysia Derivatives Exchange.

Futures were at 3,082 ringgit in Kuala Lumpur.

Marketmen said fresh positions created by speculators, driven by a firming global trend, helped crude palm oil prices to trade higher at futures trade.