Crude palm oil remains up on spot demand

Firming trends in domestic and global markets supported the upside

Crude palm oil rose by Rs 5.70 to Rs 422.90 per 10 kg in futures trade today as speculators enlarged positions driven by strong demand in the spot market.

Besides, firming trend in the overseas markets also influenced its prices.

At the Multi Commodity Exchange, the January contract rose by Rs 5.70, or 1.36%, to Rs 422.90 per 10 kg with a trading volume of 1,505 lots.

Likewise, the December contract rose by Rs 3.20, or 0.78%, to Rs 409.30 per 10 kg, with a business volume of 523 lots.

Analysts said firming trends in domestic as well as global markets supported the upside in crude palm oil futures prices here.

 

Meanwhile, the March contract gained 1.6% to 2,469 ringgit ($ 806) a tonne on the Malaysia Derivatives Exchange.