Uptick in demand lifts crude palm oil futures by 0.64%

Crude palm oil prices were up by 0.64 per cent to Rs 534.20 per 10 kg in futures trade today as traders widened positions, tracking a firm trend at the spot market on pick up in demand.

At the Multi Commodity Exchange, crude palm oil for delivery in this month rose by Rs 3.40, or 0.64 per cent to Rs 534.20 per 10 kg in a business turnover of 164 lots.

Similarly, the oil for delivery in June traded higher by Rs 3.30, or 0.63 per cent to Rs 525.60 per 10 kg in 634 lots.

Market analysts said increasing of positions by participants amid rising demand in the spot market against restricted supplies from producing belts mainly led to the rise in crude palm oil prices at futures trade.