Crude palm oil futures marginally up by 0.51% on spot demand

Crude palm oil prices were up by 0.51 per cent to Rs 490.30 per 10 kg in futures trading today as participants created fresh positions after pick up in demand in the spot market amid firming trend overseas.

At the Multi Commodity Exchange, crude palm oil for delivery in March month rose by Rs 2.50 or 0.51 per cent to Rs 490.30 per 10 kg in business turnover of 434 lots.

Similarly, the oil for delivery in February contracts traded higher by Rs 2.10 or 0.44 per cent to Rs 482.40 per 10 kg in 178 lots.

Analysts said speculative positions built-up by participants due to pick-up in spot demand and firming trend in overseas markets mainly led to the rise in crude palm oil prices at futures trade.