Crude palm oil up in futures trade on rising demand
Supported by a rising spot demand, crude palm oil prices moved up by Rs 5.30 to Rs 558.20 per 10 kg in futures trading today amid a firming global trend.
At the Multi Commodity Exchange, January crude palm oil rose by Rs 5.30, or 0.96%, to Rs 558.20 per 10 kg, with a business turnover of 240 lots.
The February delivery traded higher by Rs 5.20, or 0.94%, to Rs 560 per 10 kg, with an open interest of 180 lots.
Market analysts said rising spot market demand amid a firming global trend mainly pushed up crude palm oil prices at futures trade.
Meanwhile, palm oil advanced by 1.8% to $1,025 a tonne on the Malaysia Derivatives Exchange, its highest price since November 21.