Crude palm oil up by 1.1% on spot demand

Crude palm oil prices were up 1.07% to Rs 398 per 10 kg in futures trading today as speculators indulged in creating fresh positions at prevailing level amid pickup in demand at the spot market.

In futures trading at Multi Commodity Exchange, crude palm oil for delivery in September rose by Rs 4.20, or 1.07% to Rs 398 per 10 kg in a business turnover of 73 lots.

Also, the oil for delivery in August was trading higher by Rs 2.50, or 0.64% to Rs 393.50 per 10 kg in a business turnover of 51 lots.

Analysts said building up of fresh positions by speculators at existing levels and pickup in demand at the spot market mainly led to rise in crude palm oil prices in futures trade.