Crude palm oil rises over 1% on spot demand

Firm global trend influences prices

Crude palm oil prices rose by Rs 6 to Rs 517.90 per 10 kg today as speculators created fresh positions on expectations of a rise in spot demand.

A firm trend in overseas markets influenced crude palm oil prices in the futures market.

At the Multi Commodity Exchange, crude palm oil for October rose by Rs 6, or 1.17%, to Rs 517.90 per 10 kg, with a trading volume of 391 lots.

The September contract moved up by Rs 5.20, or 1.02%, to Rs 515 per 10 kg, with a business volume of 161 lots.

Marketmen said fresh buying by speculators on hopes of a pick up in spot demand led to the rise in crude palm oil futures prices.

A firm global trend further influenced the market sentiment, they added.