Crude palm oil futures rise on strong demand

Tracking a firm trend at the domestic spot markets and positive global cues, crude palm oil prices were up by 1.18 per cent to Rs 565.90 per 10 kg in evening trade at futures market today.

The exchange remained closed for the morning session on account of 'Ganesh Chaturthi'.

At the Multi Commodity Exchange, crude palm oil for delivery in September month rose by Rs 6.60, or 1.18 per cent, to Rs 565.90 per 10 kg in business turnover of 605 lots.

Similarly, the oil for delivery in October contracts traded higher by Rs 6.10, or 1.11 per cent, to Rs 556.80 per 10 kg in 290 lots.
 

Analysts said the rise in crude palm oil prices was mostly attributed to building-up of positions by speculators, driven by a firming trend in the global market.