Crude palm oil futures rise 0.36 pc on spot demand

Tracking a firm global trend, crude palm oil prices rose 0.36 per cent to Rs 558.50 per 10 kg in futures trade today as traders created fresh positions supported by pick-up in demand in the spot market coupled with restricted supplies.

At the Multi Commodity Exchange, crude palm oil for delivery in January rose by Rs 2, or 0.36 per cent, to Rs 558.50 per 10 kg in a business turnover of 148 lots.

Similarly, the oil for delivery this month was trading higher by Rs 1.90, or 0.34 per cent, to Rs 559.40 per 10 kg in 118 lots.
 

Analysts attributed the rise in crude palm oil prices mostly to building-up of positions by speculators, driven by a firming trend in the global market.