Crude palm oil rises 0.37% on spot demand

Firm overseas trend influences prices

Crude palm oil futures prices rose by Rs 2.10 to Rs 568.50 per 10 kg today as speculators created fresh positions on the back of a rise in spot demand and firming trend overseas.

At the Multi Commodity Exchange crude palm oil for September rose by Rs 2.10, or 0.37%, to Rs 568.50 per 10 kg, with a trading volume of 587 lots.

The August contract moved up by Rs 1.90, or 0.33%, to Rs 566.10 per 10 kg, with a business volume of 218 lots.

Marketmen said increased positions created by participants following a pick up in spot demand and firming trend in the global markets influenced crude palm oil futures prices.

 

Meanwhile, palm oil for delivery in November advanced by 1.2% to $1,000 per tonne on the Malaysia Derivatives Exchange.