Crude palm oil futures up 0.29% on rising demand

Amid pick up in domestic demand and restricted supplies from producing belts, crude palm oil prices climbed 0.29 per cent to Rs 488.50 per 10 kg in futures trade today as traders built up fresh positions.

At the Multi Commodity Exchange, crude palm oil for delivery in August was trading higher by Rs 1.40 or 0.29 per cent to Rs 488.50 per 10 kg in a business turnover of 32 lots.

The oil for delivery in July contracts traded higher by Rs 1.30 or 0.26 per cent to Rs 495.20 per 10 kg in 168 lots.

Marketmen said fresh positions created by participants following uptick in demand in the spot market against restricted supplies from producing belts mainly led to the rise in crude palm oil prices at futures trade.
 

They said firming trend overseas also supported the upside.