Crude palm oil rises as demand picks up

Crude palm oil rose by Rs 1.60 to Rs 555.50 per 10 kg in futures trade today as speculators created fresh positions, driven by pick up in demand in the spot market.

At the Multi Commodity Exchange, crude palm oil for delivery in September declined by Rs 1.60, or 0.29%, to Rs 555.50 per 10 kg, with a business turnover of 1,651 lots.

The August contract traded marginally higher by 40 paise, or 0.07%, to Rs 555.30 per 10 kg, with an open interest of 419 lots.

Marketmen attributed the rise in crude palm oil at futures trade to a rising demand in the spot market.