Crude palm oil marginally higher on spot demand

Crude palm oil edged higher by Rs 8.10 to Rs 464.50 per 10 kg in futures trade today, as speculators created fresh positions on expectations of a rise in demand for the ongoing festive and marriage season.

At the Multi Commodity Exchange counter, crude palm oil for January-month contract rose by Rs 8.10, or 1.72 per cent, to Rs 464.50 per 10 kg, with a trading volume of 12 lots, while December-month contract gained by Rs 7.50, or 1.55 per cent, to Rs 461.90 per 10 kg, with a business volume of 77 lots.

Similarly, the oil for delivery in November contract moved up by Rs 7.20, or 1.40 per cent to Rs 460.20 per 10 kg, with a business volume of 74 lots.

 

Analysts said fresh demand in the spot markets supported the upside in crude palm oil at futures market here.