Spot demand lifts crude palm oil futures by 1.35%

Crude palm oil prices moved up by 1.35 per cent to Rs 517.90 per 10 kg in futures trading today as participants built up positions, tracking a firm trend at spot market on pick up in demand.
At the Multi Commodity Exchange, crude palm oil for delivery in November was trading higher by Rs 6.90, or 1.35 per cent, to Rs 517.90 per 10 kg, in a business turnover of 264 lots.
Similarly, the oil for delivery in November gained Rs 6.70, or 1.26 per cent, to Rs 539.60 per 10 kg in 292 lots.
Analysts said building-up of positions by speculators, driven by pick up in demand in the spot market against restricted supplies from producing belts mainly led to rise in crude palm oil prices at futures trade.