Crude palm oil gains by 1.2% on pick-up in spot demand

Crude palm oil prices gained 1.17% to Rs 448 per 10 kg in futures trade today as speculators created fresh positions amid pick-up in domestic demand and restricted supplies from producing belts.

At the Multi Commodity Exchange, crude palm oil for delivery in April rose by Rs 5.20, or 1.17%, to Rs 448 per 10 kg in business turnover of 380 lots.

Similarly, the oil for delivery in March traded higher by Rs 4.40, or 1%, to Rs 442.50 per 10 kg in 134 lots.

Analysts said fresh positions built up by speculators after pick-up in demand in the spot market against restricted supplies from producing areas mainly led to the rise in crude palm oil prices at futures trade.