Crude palm oil up 0.89% on strong spot demand

Crude palm oil prices rose by Rs 3.90 to Rs 438 per 10 kg in futures trade today as speculators created fresh positions on expectations of rise in demand due to the festive season.

A firming trend in overseas markets also influenced the crude palm oil futures prices.

At the Multi Commodity Exchange, the December contract for crude palm oil rose by Rs 3.90, or 0.89%, to Rs 438 per 10 kg, with a trading volume of 535 lots.

The November contract moved up by Rs 3.80, or 0.88%, to Rs 433.50 per 10 kg, with a business volume of 723 lots.

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

In Malaysia, palm oil advanced by 0.20% to $789 a tonne.