Crude palm oil prices climb over 2% on strong demand

Crude palm oil for delivery in August traded higher by 1.76%

Crude palm oil prices climbed over 2% to Rs 546.40 per 10 kg in futures trading today as speculators engaged in enlarging positions, supported by strong demand in the spot market.

At the Multi Commodity Exchange, crude palm oil for delivery in September spurted by Rs 10.80, or 2.02% to Rs 546.40 per 10 kg in business turnover of 379 lots.

Similarly, the oil for delivery in August traded higher by Rs 9.60, or 1.76% to Rs 553.90 per 10 kg in 301 lots.

Market analysts said strong demand in the spot markets triggering increased positions by speculators, mainly pushed up crude palm oil prices at futures trade.