Upsurge in demand lifts crude palm oil futures by 1.29%

Crude palm oil prices moved up by 1.29 per cent to Rs 559.60 per 10 kg in futures trading today as traders increased their bets, 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 7.10, or 1.29 per cent, to Rs 559.60 per 10 kg in a business turnover of 1147 lots.

On similar lines, the oil for delivery in far-month June contracts traded higher by Rs 6.30, or 1.16 per cent, to Rs 549.70 per 10 kg in 506 lots.

Analysts said participants enlarged positions on the back of pick up in demand in the spot market against restricted supplies from producing regions mainly led to the rise in crude palm oil prices at futures trade.