Crude palm oil gains as demand picks up

September contract up nearly 1% from previous close

Crude palm oil prices rose by 0.77% to Rs 572.30 per 10 kg in futures trading today as speculators enlarged positions, supported by a pick up in spot market demand.

At the Multi Commodity Exchange crude palm oil for delivery in September gained Rs 4.40, or 0.77%, to Rs 572.30 per 10 kg, with a business turnover of 682 lots.

The August contract edged up by Rs 2.60, or 0.46%, to Rs 566.30 per 10 kg in 231 lots.

Marketmen said increased buying by speculators after pick-up in demand in the spot market led to a rise in crude palm oil prices at futures market.