Crude palm oil futures rebound 0.98% as demand picks up

Crude palm oil prices traded higher by 0.98 per cent to Rs 523.50 per 10 kg in futures trade today as traders built up fresh positions amid pick up in demand at domestic spot market.

At the Multi Commodity Exchange, crude palm oil for delivery in September moved up by Rs 5.10 or 0.98 per cent to Rs 523.50 per 10 kg in business turnover of 161 lots.

The oil for delivery in August contracts edged up by Rs 4.80 or 0.91 per cent to Rs 535 per 10 kg in 235 lots.

Analysts said fresh positions created by participants due to pick up in demand in the spot market against tight stocks position on restricted supplies from producing belts led to rise in crude palm oil prices at futures trade.