Crude palm oil up 0.4% on spot demand

Traders create fresh positions on higher offtake

Crude palm oil prices edged higher by Rs 2.10 to Rs 549.40 per 10 kg in futures trade today as speculators created fresh positions, triggered by rising spot demand.

On the Multi Commodity Exchange, crude palm oil for May delivery rose by Rs 2.10, or 0.38 per cent, to Rs 549.40 per kg, with a trading volume of 18 lots.

The June contract moved up marginally by Rs 1.90, or 0.34 per cent, to Rs 545.20 per 10 kg, with a business turnover of 5 lots.

Analysts said fresh positions built-up by speculators driven by rising spot demand, mainly led to a rise in crude palm oil prices at futures market.