Crude palm oil rises 0.68% in futures trade

Crude palm oil prices were up by 0.68 per cent to Rs 558.90 per 10 kg in futures trade today as traders created fresh positions, supported by pick up in demand at the spot market.

Besides, a firming trend in overseas markets too fuelled the uptrend.

In futures trading at the Multi Commodity Exchange, crude palm oil for delivery this month rose by Rs 3.80, or 0.68 per cent, to Rs 558.90 per 10 kg, in a business turnover of 40 lots.

Similarly, the oil for delivery in December went up by Rs 2.70, or 0.48 per cent, to Rs 563.20 per 10 kg in 56 lots.
 

Analysts said building up of fresh positions by participants driven by pick up in demand in the spot market against tight stocks position on restricted supplies from producing regions mainly kept crude palm oil prices higher at futures trade.