Crude palm oil futures up on spot demand

Crude palm oil prices were up by Rs 3.10 to Rs 493.90 per 10 kg in futures trade today on pick-up in spot market demand amid firming global trend. 

At the Multi Commodity exchange, crude palm oil for delivery in June rose by Rs 3.10, or 0.63%, to Rs 493.90 per 10 kg, with a business turnover of three lots.

Similarly, the oil for delivery in July traded higher by the same margin to Rs 494.90 per 10 kg, with a business volume of 83 lots.    

Analysts said pick-up in spot market demand and reports of a firming trend in overseas market mainly pushed up crude palm oil futures.

 

Meanwhile, palm oil for the September-delivery contract advanced by one per cent to $1,061 a metric tonne on the Malaysia Derivatives Exchange.