 "Crude palm oil up 2.1% on spot demand")
Crude palm oil rose by 2.10% to Rs 572.40 per 10 kg in futures trade today as traders and speculators indulged in expanding positions, driven by rising demand in spot market.
At the Multi Commodity Exchange, crude palm oil for delivery in November rose by Rs 11.80, or 2.10%, to Rs 572.40 per 10 kg, with a business turnover of 471 lots.
The oil for December delivery increased by Rs 11.30, or 2%, to Rs 573.50 per 10 kg, with trading volume of 352 lots.
Globally, palm oil for January delivery climbed 1.50% to 2,546 ringgit ($796) a metric tonne on the Bursa Malaysia Derivatives Exchange before a government report that may show production in Malaysia declined for the first time in eight months in October.
At the Multi Commodity Exchange, crude palm oil for delivery in November rose by Rs 11.80, or 2.10%, to Rs 572.40 per 10 kg, with a business turnover of 471 lots.
The oil for December delivery increased by Rs 11.30, or 2%, to Rs 573.50 per 10 kg, with trading volume of 352 lots.
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Market analysts attributed the rise in crude palm oil prices at futures trade to rising demand at spot demand amid firming trend in overseas markets.
Globally, palm oil for January delivery climbed 1.50% to 2,546 ringgit ($796) a metric tonne on the Bursa Malaysia Derivatives Exchange before a government report that may show production in Malaysia declined for the first time in eight months in October.
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