Crude palm oil rises 0.6% on spot demand

Increased buying by speculators pushes up prices

Crude palm oil prices were up by Rs 3.20 to Rs 541.70 per 10 kg in futures trading today as speculators enlarged their positions, tracking a firm trend at spot market on pick up in demand.

At the Multi Commodity Exchange, crude palm oil for delivery in October rose by Rs 3.20, or 0.59%, to Rs 541.70 per 10 kg, with a business turnover of 108 lots.

The September contract edged higher by Rs 2.90, or 0.54%, to Rs 538.60 per 10 kg, with a business turnover of 52 lots.

Marketmen said increased buying by speculators due to rise in spot market demand helped crude palm oil futures to trade higher.