Crude palm oil recovers 0.3% on rising demand

Crude palm oil prices rebounded by 0.31% to Rs 451.80 per 10 kg in futures trade today as speculators created fresh positions amid pick-up in demand in spot markets against tight supplies from producing regions.

At the Multi Commodity Exchange, crude palm oil for delivery in November moved up by Rs 1.40, or 0.31% to Rs 451.80 per 10 kg in business turnover of 81 lots.

Similarly, the oil for delivery in December traded higher by Rs 1.30, or 0.29% to Rs 457 per 10 kg in 116 lots.

Analysts attributed the rise in crude palm oil futures to fresh positions built-up by speculators after demand picked-up in the spot market against tight supplies from producing belts.