Crude palm oil rises 0.52% in futures trade

Crude palm oil prices were up by 0.52 per cent to Rs 589 per 10 kg in futures trade today as traders created fresh positions, supported by pick-up in demand at the spot market.
Besides, a firming trend in overseas markets too fuelled the uptrend.
In futures trading at the Multi Commodity Exchange, crude palm oil for delivery in January rose by Rs 3.10, or 0.52 per cent, to Rs 589 per 10 kg, in a business turnover of 49 lots.
Similarly, the oil for delivery in current month went up by Rs 2.60, or 0.44 per cent, to Rs 587 per 10 kg in 37 lots.

Analysts said building up of fresh positions by participants driven by pick-up in demand at the spot market against tight stocks position on restricted supplies from producing regions mainly kept crude palm oil prices higher at futures trade.