Uptick in demand lifts crude palm oil futures by 0.58%

Crude palm oil prices edged up by 0.58 per cent to Rs 552.20 per 10 kg in futures trading today as participants created fresh positions, driven by pick up in demand at the spot market.

Besides, a firm trend in the global market supported the upside in crude palm oil prices.

At the Multi Commodity Exchange, crude palm oil for delivery in September rose by Rs 3.20, or 0.58 per cent, to Rs 552.20 per 10 kg, in a business turnover of 240 lots.

On similar lines, the oil for delivery in August traded higher by Rs 1.30, or 0.23 per cent, to Rs 561 per 10 kg in 40 lots.
 

Analysts attributed the 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.