Crude palm oil up 0.85% on spot demand

Crude palm oil prices rose by Rs 4.90 to Rs 575.50 per 10 kg in futures trade today, as speculators created fresh positions, supported by rising demand at the spot market.

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 4.90, or 0.85%, to Rs 575.50 per kg, with a trading volume of 106 lots.

The April delivery also rose by Rs 3.70, or 0.64% to Rs 578 per 10 kg, with a business turnover of 141 lots.

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