Crude palm oil jumps Rs 5 in futures trade

Crude palm oil prices rose for the third day by adding another Rs 5.10 to Rs 480.70 per 10 kg in futures trade today as speculators indulged in creating fresh positions on expectations of a rise in demand in the spot markets.

Firming trend in overseas market also influenced the crude palm oil prices at future market.

At the Multi Commodity Exchange, crude palm oil for December contract rose by Rs 5.10, or 1.07% to Rs 480.70 per 10 kg with trading volume of 56 lots, while November month delivery gained by Rs 4.90, or 1.03% to Rs 480.60 per 10 kg, in 106 lots.

 

Similarly, the oil for delivery in October month contract moved up by Rs 4.80, or 1.00% to Rs 480.30 per 10 kg with business volume of 334 lots.

Analysts said fresh buying by speculators on hopes of a pick up in demand in the spot market, mainly led to the rise in crude palm oil at futures market.

A firming global trend further influenced the market sentiment, they added.

Meanwhile, palm oil advanced as much as 1.5% to 2,995 ringgit ($958) a metric ton on the Malaysia Derivatives Exchange.