Uptick in demand lifts crude palm oil futures by 0.26%

Crude palm oil prices edged up by 0.26 per cent to Rs 561.50 per 10 kg in futures trading today as participants created fresh positions, driven by pickup in demand in the spot market.

Besides, a firm trend in the global market also added support to crude palm oil prices' uptrend.

At the Multi Commodity Exchange, crude palm oil for delivery in October rose by Rs 1.50, or 0.26 per cent to Rs 561.50 per 10 kg in a business turnover of 88 lots.

On similar lines, the oil for delivery in September contracts traded higher by Rs 1.10, or 0.19 per cent to Rs 573 per 10 kg in 244 lots.
 

Analysts attributed rise in crude palm oil prices at futures trade to building up of positions by speculators, driven by pick up in demand in the spot market against restricted supplies from overseas markets.