Spot demand lifts crude palm oil futures by 1.43%

Crude palm oil prices climbed by 1.43 per cent to Rs 533.40 per 10 kg in futures trade today as participants created fresh positions after uptick in demand at the spot market.

At the Multi Commodity Exchange, crude palm oil for delivery in far-month April shot up by Rs 7.50, or 1.43 per cent, to Rs 533.40 per 10 kg, in a business turnover of 402 lots.

Likewise, the oil for delivery in March moved up by Rs 5.20, or 1.01 per cent, to Rs 519 per 10 kg in 79 lots.

Analysts said fresh positions built up by traders, driven by upsurge in demand in the spot markets amid restricted supplies from producing belts, mainly attributed the rise in crude palm oil prices at futures trade.