Crude palm oil futures up 0.47 pc on spot demand

Tracking a firm global trend, crude palm oil prices were up by 0.47 per cent to Rs 515.50 per 10 kg in futures trade today as traders created fresh positions supported by pick-up in demand in the spot market.
Further, restricted supplies from producing regions also added support to uptrend in crude palm oil prices.
At the Multi Commodity Exchange, crude palm oil for delivery in November rose by Rs 2.40, or 0.47 per cent, to Rs 515.50 per 10 kg in a business turnover of 498 lots.
Similarly, the oil for delivery this month was trading higher by Rs 1.40, or 0.25 per cent, to Rs 540 per 10 kg in 216 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.