Uptick in demand lifts crude palm oil futures by 0.45%

Crude palm oil prices were up by 0.45 per cent to Rs 580.70 per 10 kg in futures trade today as speculators created fresh positions after pick up in demand in the spot market.
Besides, tight stocks position on fall in supplies from the producing belts also fuelled the uptrend.
At the Multi Commodity Exchange, crude palm oil for delivery in February rose by Rs 2.60, or 0.45 per cent to Rs 580.70 per 10 kg in business turnover of 169 lots.
Likewise, the oil for delivery in March contracts was trading higher by Rs 2.50, or 0.44 per cent to Rs 569 per 10 kg in 38 lots.

Analysts said fresh positions created by traders due to pick up in demand in the spot market against tight supplies from producing regions led to rise in crude palm oil prices at futures trade.