Crude palm oil rises on spot demand, global cues

Crude palm oil prices rose by Rs 2.40 to Rs 462.60 per 10 kg in futures trading today as speculators created fresh positions, supported by a rise in demand in the spot market.     

A firming trend in the overseas markets also influenced the crude palm oil futures prices.

At the Multi Commodity Exchange, March crude palm oil rose by Rs 2.40, or 0.52% to Rs 462.60 per 10 kg in business turnover of 709 lots.

The February delivery traded higher by 60 paise, or 0.13% to Rs 453.50 per 10 kg in 125 lots.     

Market analysts said fresh positions created by speculators on pick up in demand in the spot market amid a firm global trend mainly led to rise in crude palm oil prices at futures trade.

Meanwhile, palm oil for the contract for May delivery advanced 0.8% to $787 a tonne on the Malaysia Derivatives Exchange.