Crude palm oil rises by 1.3% as demand picks up

Fresh positions were created by speculators due to pick up in demand in the spot market

Crude palm oil prices rose by 1.33% to Rs 503.50 per 10 kg in futures trading today as speculators created fresh positions, driven by pick up in demand in the spot market.

 

At the Multi Commodity Exchange, crude palm oil for delivery in August month rose by Rs 6.60, or 1.33% to Rs 503.50 per 10 kg in business turnover of 182 lots.

 

Similarly, the oil for delivery in September contract traded higher by Rs 6, or 1.23% to Rs 495.50 per 10 kg in 98 lots.

 

Market analysts said fresh positions created by speculators due to pick up in demand in the spot market mainly led to rise in crude palm oil prices at futures trade.