Crude palm oil futures up on spot demand

Crude palm oil futures prices traded higher by Rs 4.20 to Rs 544.40 per 10 kg today as traders created fresh positions on expectations of a rise in demand in the spot market.

At the Multi Commodity Exchange, crude palm oil for April contract traded higher by Rs 4.20, or 0.78 per cent, to Rs 544.40 per 10 kg, with a trade volume of just one lot.

Similarly, the oil for delivery in March gained Rs 3.90, or 0.72 per cent, to Rs 543.90 per 10 kg, with a business turnover of just one lot.    

Market analysts said fresh buying by traders in anticipation of a rise in demand in the spot market mainly led to the rise in crude palm oil futures prices.