Crude palm oil prices rise by 0.7% as demand picks up

Crude palm oil prices rose 0.75% to Rs 403.80 per 10 kg in futures trading today as participants indulged in creating fresh positions supported by rising demand in the spot market amid a firming trend overseas.

At the Multi Commodity Exchange, crude palm oil for delivery in January 2016 rose by Rs 3, or 0.75%, to Rs 403.80 per 10 kg in a business turnover of 270 lots.

Likewise, the oil for delivery in December was trading up by Rs 2.50, or 0.64%, to Rs 392.50 per 10 kg in 111 lots.

Analysts said speculators creating fresh positions driven by pick up in demand in the spot market and a firming trend in the global market mainly led to the rise in crude palm oil prices at the futures trade.