 "Crude palm oil up 0.9% on firm spot demand")
Crude palm oil rose by Rs 4.90 to Rs 501.70 per 10 kg in futures trade today as speculators created fresh positions amid indications of pick-up in demand in the spot market.
Firming trend in overseas markets also supported the uptrend.
On the Multi Commodity Exchange, crude palm oil for June delivery rose by Rs 4.90, or 0.98%, to Rs 501.70 per kg, with a trading volume of 70 lots.
Analysts said fresh positions created by speculators amid hopes of pick-up in demand in spot markets mainly led to a rise in crude palm oil prices at futures market.
They said a firming overseas trend as traders weighed speculation that a weaker currency may boost exports ahead of the festival season further fuelled the uptrend.
The oil climbed 0.40% to $779 a tonne on the Malaysia Derivatives Exchange.
Firming trend in overseas markets also supported the uptrend.
On the Multi Commodity Exchange, crude palm oil for June delivery rose by Rs 4.90, or 0.98%, to Rs 501.70 per kg, with a trading volume of 70 lots.
Also Read
Similarly, crude palm oil for delivery in July went up by Rs 3.30, or 0.66%, to Rs 501.80 per 10 kg with a business turnover of 141 lots.
Analysts said fresh positions created by speculators amid hopes of pick-up in demand in spot markets mainly led to a rise in crude palm oil prices at futures market.
They said a firming overseas trend as traders weighed speculation that a weaker currency may boost exports ahead of the festival season further fuelled the uptrend.
The oil climbed 0.40% to $779 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%