Crude palm oil up 0.43% on rising demand
Crude palm oil futures rose by Rs 2.50 to Rs 583.80 per 10 kg today as speculators created fresh positions on the back of rising spot demand.
A firming trend in the overseas markets also influenced crude palm oil prices at futures trade.
On the Multi Commodity Exchange, the May delivery was up by Rs 2.50, or 0.43%, to Rs 578.40 per kg, with a trading volume of 437 lots.
The April crude palm oil moved up by Rs 1.60, or 0.27%, to Rs 578.40 per 10 kg, with a business turnover of 437 lots, while delivery in March inched up by Rs 1.30, or 0.22%, to Rs 572.40 per 10 kg, with a trade volume of 77 lots.
Meanwhile, in Malaysia, June-delivery prices climbed 0.4% to 3,412 ringgit (USD 1,117) a tonne on the Malaysia Derivatives Exchange.
Analysts said the rise in crude palm oil prices was mostly supported by rising demand at spot markets,apart from a firming trend overseas.