Crude palm oil futures move up on spot demand

Crude palm oil prices rose by 2.36 per cent to Rs 582.30 per 10 kg in futures trade today, driven by more bets on positive cues from the spot market after surge in demand.
Besides, the government raised import tax on edible oils to support its farmers, which fuelled the uptrend.
At the Multi Commodity Exchange, crude palm oil for delivery in November rose by 13.40, or 2.36 per cent, to Rs 582.30 per 10 kg in a business turnover of 1,436 lots.
Likewise, the oil for delivery in far-month December contracts traded higher by Rs 9.20, or 1.60 per cent, to Rs 585.70 per 10 kg in 807 lots.

Analysts said expanding of positions by participants amid strong demand in the physical market against tight stock position on restricted supplies from producing regions kept the prices higher.