Crude palm oil up 0.3% on rising demand

Crude palm oil prices rose by Rs 1.80 to Rs 576.50 per 10 kg in futures trade today, as speculators created fresh positions on the back of rising spot demand.

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

On the Multi Commodity Exchange, the March crude palm oil up by Rs 1.80, or 0.31%, to Rs 576.50 per kg, with a trading volume of 264 lots.

The April delivery also rose by Rs 1.40, or 0.24% to Rs 572.30 per 10 kg, with a business turnover of 98 lots.

Analysts said the rise in crude palm oil prices was mostly supported by rising demand at spot markets,apart from a firming trend overseas.

Meanwhile, in Malaysia, palm oil prices climbed 0.5% to $1,098 a tonne.