Crude palm oil rise by 0.6% on spot demand
Speculators engaged in creating positions amid positive cues from spot market on improved demand
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Crude palm oil edged higher by 0.63% to Rs 446.70 per 10 kg in futures trade today as speculators engaged in creating positions amid positive cues from spot market on improved demand.
Besides, tight stocks position in the physical market on restricted supplies from producing region supported the upside.
At the Multi Commodity Exchange, crude palm oil for delivery in March moved up by Rs 2.80, or 0.63%, to Rs 446.70 per 10 kg in business turnover of 57 lots.
Similarly, the oil for delivery in April edged higher by Rs 2.60, or 0.58%, to Rs 449.30 per 10 kg in 47 lots.
Analysts said fresh positions built up by speculators due to pick up in demand in the spot market against restricted supplies from producing belts mainly led to the rise in crude palm oil prices at futures trade.
Besides, tight stocks position in the physical market on restricted supplies from producing region supported the upside.
At the Multi Commodity Exchange, crude palm oil for delivery in March moved up by Rs 2.80, or 0.63%, to Rs 446.70 per 10 kg in business turnover of 57 lots.
Similarly, the oil for delivery in April edged higher by Rs 2.60, or 0.58%, to Rs 449.30 per 10 kg in 47 lots.
Analysts said fresh positions built up by speculators due to pick up in demand in the spot market against restricted supplies from producing belts mainly led to the rise in crude palm oil prices at futures trade.
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First Published: Mar 11 2015 | 11:42 AM IST