Crude palm oil gains by 0.3% on strong demand

Continuing its rising streak for the third day, crude palm oil futures rose further by 0.33% to Rs 429 per 10 kg in futures trade today as speculators enlarged positions at the backdrop of rising demand in the spot market.

At the Multi Commodity Exchange, crude palm oil for delivery in October moved up by Rs 1.40, or 0.33%, to Rs 429 per 10 kg in business turnover of 42 lots.

Similarly, the oil for delivery in September edged higher by 90 paise, or 0.20%, to Rs 443.10 per 10 kg in 21 lots.

Analysts said besides strong demand in the spot market, tight supplies from producing regions mainly kept crude palm oil prices remain higher at futures trade.