Robust demand lifts crude palm oil futures by 0.34%

Crude palm oil prices moved up by 0.34 per cent to Rs 591.90 per 10 kg in futures market today as speculators widened their positions, taking positive cues from spot market on uptick in demand.

At the Multi Commodity Exchange, crude palm oil for delivery in September rose by Rs 2, or 0.34 per cent, to Rs 591.90 per kg in business turnover of 211 lots.

Similarly, the oil for delivery in August contract gained Rs 1.80, or 0.30 per cent, to Rs 593 per 10 kg in 111 lots.

Analysts said expanding of positions by participants after upsurge in demand in the physical markets against tight stocks position on restricted supplies from growing regions, led to rise in crude palm oil prices in futures trade.