Crude palm oil up 0.79% in spot market

Crude palm oil prices rose by 0.79% to Rs 573.80 per 10 kg in futures trade today as speculators created fresh positions on expectations of pick up in spot market demand amid a firming trend in overseas markets.

On the Multi Commodity Exchange, crude palm oil for April delivery rose by Rs 4.50, or 0.79%, to Rs 573.80 per kg, with a trading volume of 160 lots.

Similarly, the oil for delivery in March moved up by Rs 3.70, or 0.65%, to Rs 564.70 per 10 kg, with a business turnover of 61 lots.

The prices for delivery in May rose by Rs 3.40, or 0.59%, to Rs 575.20 per 10 kg, with a trade volume of 60 lots.

 

Analysts said fresh buying by speculators on hopes of pick-up in spot market demand on account of marriage season, mainly led to a rise in crude palm oil prices at futures market.

Meanwhile, in Malaysia, the May-delivery contract climbed 0.9% to 3,395 ringgit ($1,118) a tonne on the Malaysia Derivatives Exchange, the highest level for a most-active contract since June 6. Futures have gained 6.8% this year.