Crude palm oil maintains upward trend in futures trade

Extending its gaining streak for the fourth day, crude palm oil prices traded higher by 0.43 per cent to Rs 533.20 per 10 kg in futures trade today as participants engaged in enlarging their positions, tracking a firm trend at spot market on rising demand.

At the Multi Commodity Exchange, crude palm oil for delivery in March rose by Rs 2.30, or 0.43 per cent, to Rs 533.20 per 10 kg in a business turnover of 56 lots.

Likewise, the oil for delivery in April traded higher by Rs 1.80, or 0.35 per cent to Rs 519 per 10 kg in 109 lots.
 

Analysts said, building of positions by traders on the back of surging demand in the spot market against restricted supplies from producing regions, mainly kept crude palm oil prices higher at futures trade.