Crude palm oil up 1.95% on spot demand

Firm overseas trend influences prices

Crude palm oil futures prices rose by Rs 10.60 to Rs 551.90 per 10 kg today as speculators created fresh positions on expectations of a rise in spot demand.

A firm trend in overseas markets influenced crude palm oil prices in the futures market.

At the Multi Commodity Exchange, crude palm oil for October rose by Rs 10.60, or 1.95%, to Rs 551.90 per 10 kg, with a trading volume of 513 lots.

The September contract moved up by Rs 10.10, or 1.87%, to Rs 548.40 per 10 kg, with a business volume of 507 lots.

Marketmen said fresh buying by speculators on hopes of a pick up in spot demand led to the rise in crude palm oil futures prices.

 

A firm global trend influenced the market sentiment, they added.