Crude palm oil rises by 1.8% on pick-up in demand

Crude palm oil prices were up by 1.80% to Rs 474.50 per 10 kg in futures trading today as participants created speculative positions following rising demand in the spot markets amid firming trend overseas.

At the Multi Commodity Exchange, crude palm oil for delivery in March rose Rs 8.40, or 1.80%, to Rs 474.50 per 10 kg in a business turnover of 624 lots.

Likewise, the oil for delivery in April was up by Rs 8.40, or 1.79%, to Rs 476.40 per 10 kg in 412 lots.

Analysts said speculative positions built-up by participants following pick-up in spot demand and firming trend in overseas markets mainly led to rise in crude palm oil prices at futures trade.