Crude palm oil futures gain 0.37% as demand picks up

Crude palm oil prices were up by 0.37 per cent to Rs 566.20 per 10 kg in futures trade today as participants enlarged positions, driven by pick up in demand in the spot market.
Besides, tight stocks position on fall in supplies from producing regions fuelled the uptrend.
At the Multi Commodity Exchange, crude palm oil for delivery in far-month March rose by Rs 2.10, or 0.37 per cent to Rs 566.20 per 10 kg in business turnover of 30 lots.
On similar lines, the oil for delivery in February contracts was trading higher by Rs 1.70, or 0.29 per cent to Rs 578.40 per 10 kg in 26 lots.

Analysts said building up of positions by participants on the back of upsurge in demand in the spot market against restricted supplies from producing regions led to rise in crude palm oil prices at futures trade.