Crude palm oil futures rise 0.37 pc on spot demand

Crude palm oil prices were trading up by 0.37 per cent to Rs 490.80 per 10 kg in futures trading today as traders built up fresh positions, driven by pick-up in demand at the spot market.

At the Multi Commodity Exchange, crude palm oil for delivery in July went up by Rs 1.80, or 0.37 per cent, to Rs 490.80 per 10 kg in a business turnover of 23 lots.

Likewise, the oil for delivery in August traded higher by Rs 1.70, or 0.35 per cent, to Rs 483.70 per 10 kg in 33 lots.

Analysts said, building up of positions by participants on the back of upsurge in demand in the physical market against tight stocks position on restricted supplies from producing regions, mainly led to the rise in crude palm oil prices at futures trade.