Crude palm oil futures rise on high spot demand

Crude palm oil futures prices rose by Rs 3.80 to Rs 498.30 per 10 kg today, as speculators created fresh positions on expectations of a rise in demand in the spot market due to the ongoing marriage season.

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

At the Multi Commodity Exchange platform, crude palm oil for December month contract rose by Rs 3.80 or 0.77 per cent to Rs 498.30 per 10 kg.

Similarly, the oil for delivery in November moved up by Rs 3.80, or 0.77 per cent to Rs 495 per 10 kg, while January-month delivery was up by Rs 3.70, or 0.75 per cent to Rs 498.50 per 10 kg. 

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