Crude palm oil futures up 0.45 pc on pick up in demand

Crude palm oil prices rose 0.45 per cent to Rs 593.90 per 10 kg in futures trade today as traders created fresh positions supported by pick up in demand at the spot market against restricted supply from the producing belts.
At the Multi Commodity Exchange, crude palm oil for delivery in January rose by Rs 2.70, or 0.45 per cent, to Rs 593.90 per 10 kg in a business turnover of 102 lots.
Similarly, the oil for delivery far-month February was trading higher by Rs 1.90, or 0.32 per cent, to Rs 586.20 per 10 kg in 167 lots.
Analysts attributed the rise in crude palm oil prices mostly to building-up of positions by speculators, driven by a firming trend in the global market.