Crude palm oil futures extend gain, up 0.24% on strong demand

Continuing its rising streak for the third straight day, crude palm oil prices advanced by 0.24 per cent to Rs 539.30 per 10 kg in futures market today as participants engaged in widening their positions, driven by strong demand in the spot market.
At the Multi Commodity Exchange, crude palm oil for delivery in October rose by Rs 1.30, or 0.24 per cent to Rs 539.30 per 10 kg in business turnover of 107 lots.
On similar lines, the oil for delivery in November contracts edged up by 30 paise, or 0.06 per cent to Rs 516.50 per 10 kg in 99 lots.

Analysts said widening of positions by traders, tracking a firm trend at spot market on rising demand against tight supplies from producing regions mainly kept crude palm oil prices higher at futures trade.