Uptick in demand lifts crude palm oil futures by 0.52 pc

Crude palm oil prices edged up by 0.52 per cent to Rs 525.50 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 added support to crude palm oil prices uptrend.

At the Multi Commodity Exchange, crude palm oil for delivery in November rose by Rs 2.70, or 0.52 per cent to Rs 525.50 per 10 kg in a business turnover of 374 lots.

On similar lines, the oil for delivery in October was trading higher by Rs 2.10, or 0.39 per cent to Rs 537.60 per 10 kg in 63 lots.
 

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