Crude palm oil up 0.7% on spot demand

Oil for delivery in November edged higher by 0.7%

Continued its rising streak for the third straight day, crude palm oil traded higher by 0.73% to Rs 579 per 10 kg in futures market today on good spot market demand against tight supplies from producing belts.

 

At the Multi Commodity Exchange, crude palm oil for delivery in December gained Rs 4.20, or 0.73% to Rs 579 per 10 kg in business turnover of 316 lots.

 

Similarly, oil for delivery in November edged higher by Rs 4, or 0.70%, to Rs 577.40 per 10 kg in 150 lots.

 

Market analysts said besides strong demand at spot markets, tight supplies from producing regions also influenced crude palm oil prices at futures trade.