Crude palm oil advances 1.33% on rising spot demand

Speculators enlarge positions as commodity rises fourth day in a row

Rising for the fourth straight day, crude palm oil prices advanced by 1.33 per cent to Rs 418 per 10 kg in futures trading today as speculators enlarged positions amid rising demand in the spot market.

At the Multi Commodity Exchange, crude palm oil for delivery in December month moved up by Rs 5.50, or 1.33 per cent to Rs 418 per 10 kg in business turnover of 379 lots.

The January contract gained Rs 4.80, or 1.14 per cent to Rs 427 per 10 kg in 131 lots.

Analysts said besides surging demand in the spot market, restricted supplies from producing regions mainly kept crude palm oil prices up at the futures trade.