Palm oil up over 1% on spot demand

Firm trends abroad also influence futures market

Crude palm oil prices rose by Rs 6.40 to Rs 590.70 per 10 kg in futures trade today as speculators created fresh positions, supported by rising demand in the spot market.

Firmtrends in overseas markets also influenced the crude palm oil futures prices.

On the Multi Commodity Exchange, crude palm oil for delivery in May rose by Rs 6.40, or 1.09%, to Rs 590.70 per kg, with a trading volume of 131 lots.

The June contract added Rs 5.90, or 1%, to Rs 594.30 per 10 kg, with a business turnover of 800 lots.

Analysts said fresh positions built up by speculators on the back of a pick-up in demand in the spot market and a firming trend overseas, mainly led to rise in crude palm oil prices at futures market.

 

Meanwhile, in Malaysia, the August-delivery contract advanced as much as 0.5% to 3,144 ringgit (USD 1,001) a metric tonne on the Malaysia Derivatives Exchange.