Uptick in demand lifts crude palm oil futures by 1.02%

Crude palm oil prices edged up by 1.02 per cent to Rs 573.90 per 10 kg in futures trading today as participants built up fresh positions, following uptick in demand in the spot market.

Further, restricted supplies from producing belts and firming trend in the overseas market too fuelled the uptrend.

At the Multi Commodity Exchange, crude palm oil for delivery in August rose by Rs 5.80, or 1.02 per cent, to Rs 573.90 per 10 kg, in a business turnover of 537 lots.

On similar lines, the oil for delivery in September traded higher by Rs 4.40, or 0.78 per cent, to Rs 567 per 10 kg in 360 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 producing regions.