 "Crude palm oil up by 0.9% on spot demand")
Rising for the third straight day, crude palm oil prices were up by 0.87% to Rs 407.30 per 10 kg in futures market today as speculators engaged in enlarging their positions, taking positive cues from spot market on firm demand.
Furthermore, tight stocks position at the physical market on restricted supplies from producing regions supported the upside.
At the Multi Commodity Exchange, crude palm oil for delivery in December month gained Rs 3.50, or 0.87% to Rs 407.30 per 10 kg in business turnover of 213 lots.
Analysts said apart from a firm trend at spot market on the back of strong demand amid restricted supplies from producing regions mainly kept crude palm oil prices higher at the futures trade.
Firm trend in overseas influenced the sentiment, they said.
Furthermore, tight stocks position at the physical market on restricted supplies from producing regions supported the upside.
At the Multi Commodity Exchange, crude palm oil for delivery in December month gained Rs 3.50, or 0.87% to Rs 407.30 per 10 kg in business turnover of 213 lots.
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Similarly, the oil for delivery in January contracts moved up by Rs 3, or 0.73% to Rs 416.30 per 10 kg in 34 lots.
Analysts said apart from a firm trend at spot market on the back of strong demand amid restricted supplies from producing regions mainly kept crude palm oil prices higher at the futures trade.
Firm trend in overseas influenced the sentiment, they said.
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