Rising demand lifts crude palm oil futures by 0.93%

Crude palm oil prices moved up by 0.93 per cent to Rs 563.50 per 10 kg in futures trading today as traders created fresh positions, driven by pick up in demand in the spot market.

At the Multi Commodity Exchange, crude palm oil for delivery in May rose by Rs 5.20, or 0.93 per cent, to Rs 563.50 per 10 kg, in a business turnover of 260 lots.

Similarly, the oil for delivery in far-month June traded higher by Rs 4.70, or 0.86 per cent, to Rs 552.50 per 10 kg in 85 lots.

Analysts said building up of positions by speculators, triggered by uptick in demand in the spot market amid firm global trend mainly led to the rise in crude palm oil prices at futures trade.