Crude palm oil futures rise 0.73% on strong demand

Crude palm oil prices today rose by 0.73 per cent to Rs 513.30 per 10 kg in futures trade amid pick up in domestic demand and restricted supplies from producing regions.

At the Multi-Commodity Exchange, crude palm oil for delivery in June moved up by Rs 3.70, or 0.73 per cent to Rs 513.30 per 10 kg in business turnover of 141 lots.

Likewise, the oil for delivery in May edged up by Rs 3.40, or 0.65 per cent to Rs 523.30 per 10 kg in 95 lots.

Analysts said expanding of positions by participants due to uptick in demand in the spot market against tight stocks position on fall in supplies from producing belts, mainly led to rise in crude palm oil prices at futures trade.