Crude palm oil remains up on spot demand

Crude palm oil prices rose by Rs 6.60 to Rs 417 per 10 kg in futures trade today as traders created fresh positions on the back of a firming spot demand.

A firming trend in overseas markets also influenced crude palm oil prices in the futures market.

At the Multi Commodity Exchange, the November contract for crude palm oil rose by Rs 6.60, or 1.60%, to Rs 417 per 10 kg, with a business turnover of 356 lots.

The October contract increased by Rs 6.20, or 1.52%, to Rs 413 per 10 kg, with trading volume of 436 lots.

In Malaysia, Palm oil gained as much as 2.6% to 2,430 ringgit ($793) a tonne on the Malaysia Derivatives Exchange.

Marketmen said fresh buying by traders, influenced by a firming global trend mainly helped crude palm oil prices to trade higher at futures trade.