Crude palm oil futures up 0.54% on pick up in demand

Crude palm oil prices rose by 0.54 per cent to Rs 562.70 per 10 kg in futures trading today as traders created fresh positions amid pick up in domestic demand against restricted supplies from producing belts.

At the Multi Commodity Exchange, crude palm oil for delivery in January moved up by Rs 3, or 0.54 per cent, to Rs 562.70 per 10 kg in business turnover of 79 lots.

Likewise, the oil for delivery in December contracts gained Rs 2.50, or 0.44 per cent, to Rs 569.20 per 10 kg in 72 lots.

Analysts said fresh positions built up by participants driven by uptick in demand in the spot market against tight supplies from producing regions mainly led to rise in crude palm oil prices at futures trade.