Crude palm oil rises as demand picks up

Crude palm oil futures prices rose by Rs 4.10 to Rs 560 per 10 kg in futures trade today, as speculators indulged in creating fresh positions on expectations of a rise in demand in the spot market.

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

On the Multi Commodity exchange counter, crude palm oil for delivery in January rose by Rs 4.10 or 0.73 per cent to Rs 560 per kg, with business turnover of 71 lots.

Similarly, the oil for delivery in February moved up by Rs 1.90 or, 0.33 per cent, to Rs 564.90 per 10 kg, with a business turnover of 105 lots.

While delivery in March inched up by Rs 1.70, or 0.30 per cent, to Rs 567.90 per 10 kg, with an open interest of four lots.

Market analysts said fresh buying by speculators on hopes of pick-up in demand in the spot market, led to the rise in crude palm oil at futures market.