Crude palm oil futures climb 1.56 per cent on spot demand

Tracking a firm global trend, crude palm oil prices were up by 1.56 per cent to Rs 547.40 per 10 kg in futures trade today as traders created fresh positions supported by pick-up in demand in the spot market coupled with restricted supplies.
At the Multi Commodity Exchange, crude palm oil for delivery in October month rose by Rs 8.40, or 1.56 per cent, to Rs 547.40 per 10 kg in business turnover of 132 lots.
Similarly, the oil for delivery in September contracts traded higher by Rs 7.50, or 1.36 per cent, to Rs 557.30 per 10 kg in 571 lots.

Analysts said the rise in crude palm oil prices was mostly attributed to building-up of positions by speculators, driven by a firming trend in the global market.