Crude palm oil futures extend gains, up 0.61 pc on spot demand

Crude palm oil prices rose further by 0.61 per cent to Rs 512.60 per 10 kg in futures market today as speculators built up positions amid firm trend at the spot market on rising demand.
Besides, tight stocks position on fall in arrivals from producing regions supported the upmove.
At the Multi Commodity Exchange, crude palm oil for delivery in May month rose by Rs 3.10, or 0.61 per cent to Rs 512.60 per 10 kg in business turnover of 159 lots.
In a similar fashion, the oil for delivery in June month contracts were trading higher by Rs 2.50, or 0.50 per cent to Rs 500.90 per 10 kg in 122 lots.

Analysts said expanding of positions by participants due to surging demand in the spot market against tight stocks position on restricted supplies from producing belts, mainly kept crude palm oil prices higher at futures trade.