Crude palm oil up 0.5% on firm spot demand
A firming trend in overseas markets also supported the uptrend.
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Crude palm oil prices up by Rs 2.50 to Rs 488.50 per 10 kg in futures trade today as speculators created fresh positions amid indications of pick-up in demand in the spot market.
Besides, a firming trend in overseas markets also supported the uptrend.
On the Multi Commodity Exchange, crude palm oil for July delivery rose by Rs 2.50, or 0.51%, to Rs 488.50 per kg, with a trading volume of 20 lots.
Similarly, the oil for delivery in June went up by Rs 2.40, or 0.49%, to Rs 487.80 per 10 kg with a business turnover of 56 lots.
Analysts said fresh positions created by speculators amid pick-up in demand in spot markets mainly led to a rise in crude palm oil prices at futures market.
Meanwhile, the oil climbed 0.60% to $782 a tonne on the Malaysia Derivatives Exchange.
Besides, a firming trend in overseas markets also supported the uptrend.
On the Multi Commodity Exchange, crude palm oil for July delivery rose by Rs 2.50, or 0.51%, to Rs 488.50 per kg, with a trading volume of 20 lots.
Similarly, the oil for delivery in June went up by Rs 2.40, or 0.49%, to Rs 487.80 per 10 kg with a business turnover of 56 lots.
Analysts said fresh positions created by speculators amid pick-up in demand in spot markets mainly led to a rise in crude palm oil prices at futures market.
Meanwhile, the oil climbed 0.60% to $782 a tonne on the Malaysia Derivatives Exchange.
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First Published: Jun 06 2013 | 11:59 AM IST