Crude palm oil up by 0.6% on firm demand

Crude palm oil extended gains for fourth-straight day with prices rising 0.59% to Rs 558.80 per 10 kg in futures trading today as speculators engaged in enlarging positions, driven by rising demand in the spot market.

 

At the Multi Commodity Exchange, crude palm oil for delivery in August month gained Rs 3.30, or 0.59% to Rs 558.80 per 10 kg in business turnover of 75 lots.

 

Similarly, the oil for delivery in September edged up by Rs 2.20, or 0.40% to Rs 550.60 per 10 kg in 149 lots.

 

Market analysts attributed the rise in crude palm oil prices at futures trade mostly to increased position created by speculators, triggered by rising demand in the spot market.