Crude palm oil remain up on spot demand

Crude palm oil prices rose by Rs 3.80 to Rs 491 per 10 kg in futures trade today as speculators created fresh positions on expectations of a rise in demand in the spot markets for the coming marriage season.

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

At the Multi Commodity Exchange, October crude palm oil rose by Rs 3.80, or 0.77% to Rs 491 per 10 kg with trading volume of 125 lots, while November month delivery gained by Rs 3.40, or 0.69% to Rs 489.50 per 10 kg in 76 lots.

The September contract moved up by Rs 3.20, or 0.65% to Rs 492 per 10 kg with business volume of 79 lots.

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

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

Palm oil advanced by 1.1% to 1,030 dollar per metric ton on the Malaysia Derivatives Exchange.