Crude palm oil trades higher as spot demand picks up

Crude palm oil prices traded higher by Rs 1.10 to Rs 478.60 per 10 kg in futures trade today on pick-up in spot market demand.

At the Multi Commodity Exchange, crude palm oil for July delivery rose by Rs 1.10, or 0.23%, to Rs 478.60 per 10 kg, with a business turnover of 12 lots. 

Similarly, the oil for August delivery inched up by 70 paise, or 0.15%, to Rs 477.10 per 10 kg, with an open interest of 42 lots.

Market analysts said firming trend at the spot markets on the back of pick-up in demand mainly led to the rise in crude palm oil futures prices.