Crude palm oil futures extend gains, up 0.35% on strong demand

Continuing its rising streak for the third day, crude palm oil prices advanced by 0.35 per cent to Rs 515.30 per 10 kg in futures trade today as participants engaged in building up positions, driven by rising demand in the spot market.
At the Multi Commodity Exchange, crude palm oil for delivery in April rose by Rs 1.80, or 0.35 per cent to Rs 515.30 per 10 kgs in business turnover of 167 lots.
On similar lines, the oil for delivery in March contracts edged up by Rs 1.10, or 0.21 per cent, to Rs 529.70 per kg in 55 lots.

Analysts said that widening of positions by traders owing to strong demand in the spot market against restricted supplies from producing regions mainly kept crude palm oil prices higher at futures trade.