Crude palm oil marginally up on spot demand

Crude palm oil prices rose marginally by Rs 3.70, or 0.88 per cent, to Rs 421 per 10 kg in futures trade today, as speculators indulged in creating fresh positions on expectations of rise in demand in spot markets.

At the Multi Commodity Exchange platform, crude palm oil for September rose Rs 3.70, or 0.88 per cent, to Rs 421 per 10 kg, with a trading volume of 97 lots, while October delivery contract gained Rs 3, or 0.72 per cent, to Rs 415.10, with an open interest of 56 lots.

Similarly, the oil for delivery in November moved up by Rs 2.70, or 0.66 per cent to Rs 411.30 per 10 kg, with a business volume of five lots.

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