Crude palm oil up 0.7% on spot demand

Firm global cues influence prices

Crude palm oil prices rose by Rs 4.10 to Rs 445 per 10 kg in futures trade today as speculators created fresh positions, driven by a firm spot market trend on pick up in demand.

At the Multi Commodity Exchange, crude palm oil for delivery in December rose by Rs 4.10, or 0.70%, to Rs 445 per 10 kg, with a business turnover of 663 lots.

The November contract edged up by Rs 2.20, or 0.51%, to Rs 437.30 per 10 kg, with a business turnover of 620 lots.

Marketmen said fresh positions created by speculators on the back of a rise in spot market demand due to ongoing festive season pushed up crude palm oil at futures market here.

 

A firming global trend after data showed a rise in shipments from Malaysia this month and increased speculation that production is set to drop from November influenced the sentiment.

Meanwhile, palm oil for the contract for January delivery advanced 1.1% to $829 a tonne on the Malaysia Derivatives Exchange.