Crude palm oil futures rise on high demand

Crude palm oil futures prices rose by Rs 8 to Rs 518.20 per 10 kg today, as speculators created fresh positions on expectations of a firm trend in spot markets due to the ongoing marriage season.

A firm trend in overseas markets also influenced the crude palm oil futures prices.

On the Multi Commodity exchange counter, crude palm oil for delivery in February rose by Rs 8, or 1.57 per cent to Rs 518.20 per kg.

Similarly, the oil for delivery in December moved up by Rs 6.30, or 1.24 per cent to Rs 513.90 per 10 kg, while price for delivery in January inched up by Rs 6.20, or 1.22 per cent to Rs 516.30 per 10 kg.

Analysts said fresh buying by speculators on hopes of pick up in demand in the spot market due to the marriage season, led to the rise in crude palm oil futures prices.