Crude palm oil futures extend gains, up 1.21% on rising demand

Continued its rising streak for the third straight day, crude palm oil prices advanced by 1.21 per cent to Rs 393.50 per 10 kg in futures market today as traders enlarged positions on the back of rising demand in the spot market.
At the Multi Commodity Exchange, crude palm oil for delivery in December rose by Rs 4.70, or 1.21 per cent, to Rs 393.50 per 10 kg in a business turnover of 167 lots.
Similarly, the oil for delivery in November gained Rs 2.90, or 0.77 per cent to Rs 378.30 per 10 kg in 70 lots.
Analysts said widening of positions by speculators on the back of rising demand in the spot market amid restricted supplies from producing regions mainly kept crude palm oil higher at futures trade.