Crude palm oil futures up on spot demand

Crude palm oil prices gained Rs 2.90 to Rs 550.30 per 10 kg in futures trade today as speculators created fresh positions on the back of a firming trend in the spot market.   

At the Multi Commodity Exchange, crude palm oil for delivery in May gained Rs 2.90, or 0.53 per cent, to Rs 550.30 per 10 kg, with a business volume of a single lot.  

Similarly, the oil for delivery in March edged up by Rs 2.75, or 0.49 per cent, to Rs 548.60 per 10 kg, with a business turnover of five lots. 

Analysts said fresh buying by speculators on expectations of a rise in spot demand due to the ongoing marriage season helped crude palm oil futures prices to trade higher.