Crude palm oil rises by 1.9% as demand picks up

A firming trend in the global market also influenced prices

Crude palm oil prices rose 1.92% to Rs 402.90 per 10 kg in futures trading today as participants indulged in creating fresh positions supported by strong demand in the spot market amid a firming trend overseas.

At the Multi Commodity Exchange, crude palm oil for delivery this month rose by Rs 7.60, or 1.92%, to Rs 402.90 per 10 kg in a business turnover of 392 lots.

Likewise, the oil for delivery in January 2016 was trading up by Rs 4.70, or 1.16%, to Rs 409.20 per 10 kg in 265 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.