Crude palm oil futures rise by 0.55 pc on good demand

Crude palm oil prices were up by

0.55 per cent to Rs 634.50 per 10 kg in futures trade today as speculators indulged in enlarging positions, driven by a firm demand at the spot market.

Besides, a firming trend in overseas markets supported

the uptrend.

At the Multi Commodity Exchange, crude palm oil for July rose by Rs 3.50 or 0.55 per cent to Rs 634.50 per 10 kg in a business turnover of 293 lots.

Similarly, the oil for delivery in the current month went up by Rs 2.20 or 0.34 per cent to Rs 642.40 per 10 kg in 297 lots.

 

Analysts said widening of positions by participants, tracking rising demand in the spot market against tight stocks position on restricted supplies from producing regions mainly kept crude palm oil prices higher at futures trade.