Crude palm oil up on spot demand

Fresh positions built up by speculators mainly led to a rise in crude palm oil prices at futures trade

Crude palm oil prices rose Rs 2.20 to Rs 625.20 per 10 kg in futures trading today as speculators created fresh positions on the back of a firming trend at spot market on pick up in demand.

At the Multi Commodity Exchange, the May delivery gained Rs 2.20, or 0.35%, to Rs 625.70 per 10 kg, with a business turnover of 586 lots.

The June delivery traded higher by Rs 2.10, or 0.30%, to Rs 629.70 per 10 kg, with a business turnover of 559 lots.

Market analysts said fresh positions built up by speculators, tracking a firming trend in the spot markets on rising demand, mainly led to a rise in crude palm oil prices at futures trade.