Crude palm oil futures up on rise in demand

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Press Trust of India New Delhi
Last Updated : Jan 21 2013 | 12:12 AM IST

Crude palm oil futures prices rose by Rs 4.40 to Rs 487.90 per 10 kg today, as speculators created fresh positions on expectations of a rise in spot demand.

A firm trend in overseas markets also influenced the crude palm oil prices in the futures market.

At the Multi Commodity Exchange the October contract rose by Rs 4.40, or 0.91%, to Rs 487.90 per 10 kg, with a trading volume of 58 lots.

November crude palm oil moved up by Rs 4, or 0.83%, to Rs 485.50 per 10 kg, with a business volume of 34 lots, while prices for September contract inched up by Rs 3.30, or 0.67%, to Rs 489.20 per 10 kg, with a trade turnover of 15 lots.

Analysts said fresh buying support by speculators on hopes of a pick-up in spot demand, mainly led to the rise in crude palm oil futures prices.

A firm global trend further influenced the market sentiment, they added.

Palm oil advanced by 1.2% to USD 1,012 per tonne on the Malaysia Derivatives Exchange.

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First Published: Sep 07 2011 | 2:25 PM IST

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