Crude palm oil futures climb 0.60 pc on spot demand

Tracking a firm global trend, crude palm oil prices were up by 0.60 per cent to Rs 505.10 per 10 kg in futures trade today as traders created fresh positions supported by pickup in demand in the spot market.
Further, restricted supplies from producing regions also fuelled the uptrend.
At the Multi Commodity Exchange, crude palm oil for delivery in July month rose by Rs 3 or 0.60 per cent to Rs 505.10 per 10 kg in business turnover of 545 lots.
Similarly, the oil for delivery in June contracts traded higher by Rs 1.10 or 0.22 per cent to Rs 506.80 per 10 kg in 113 lots.

Analysts said the rise in crude palm oil prices was mostly attributed to building-up of positions by speculators, driven by a firming trend in the global market.