Crude palm oil rises on spot demand

Crude palm oil futures prices rose Rs 2.90, or 0.70 per cent, to Rs 417.90 per 10 kg in today, as speculators created fresh positions on expectations of rise in demand in the spot market.

At the Multi Commodity Exchange counter, crude palm oil for November-month contract rose Rs 2.90, or 0.70 per cent, to Rs 417.90 per 10 kg, with a trading volume of 25 lots, while October-month contract gained by Rs 1.80, or 0.43 per cent, to Rs 420.10 per 10 kg, with an open interest of 72 lots. 

Similarly, the oil for delivery in current-month September contract moved up by Rs 1.40, or 0.33 per cent, to Rs 420.30 per 10 kg, with a business volume of 43 lots.

 

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