Crude palm oil futures spurt on demand pick-up

Crude palm oil prices rose Rs 5.40 to Rs 379.50 per 10 kg in futures market today due to pick-up in demand at the spot market driven by strong festive season demand.

Furthermore, a fall in supplies from overseas markets supported the uptrend.

At the Multi Commodity Exchange, crude palm oil for September gained Rs 5.40, or 1.44 per cent, to Rs 379.50 per 10 kg, with a trading volume of 782 lots.

Similarly, the oil for delivery in August edged higher by Rs 3.20, or 0.89 per cent, to Rs 362.30 per 10 kg, with a business volume of 167 lots.
 

Analysts said the rise in crude palm oil prices in futures trade was mostly attributed to fresh positions built up by speculators, triggered by festive season demand.