Crude palm oil moves up by 0.31%

Crude palm oil rose by 0.31% to Rs 408.50 per 10 kg in futures trade today as traders increased their buying positions on rising demand in the spot market.

Moreover, a firming trend in the Asian region also supported the domestic prices of CPO.

At the Multi Commodity Exchange, the December contract rose by Rs 1.30, or 0.31%, to Rs 408.50 per 10 kg with a trading volume of 319 lots.

Likewise, the January contract rose by Rs 1.20, or 0.28%, to Rs 417 per 10 kg, with a business volume of 458 lots.

Analysts said a firming trend in the spot as well as overseas markets helped crude palm oil futures prices to gain fresh ground.

Meanwhile, the crude palm oil gained 0.8% to $ 792 a metric ton on the Malaysia Derivatives Exchange.