Crude palm oil futures remain up on spot demand

Extending gains for the second straight day, crude palm oil prices today rose by 0.42 per cent to Rs 449 per 10 kg in futures trade on the back of rising demand in spot markets.
Besides, tight stocks position following restricted supplies from major producing regions supported the upside.
At the Multi Commodity Exchange, crude palm oil for delivery in June month advanced by Rs 1.90, or 0.42 per cent to Rs 449 per 10 kg in business turnover of 29 lots.
Likewise, the oil for delivery in May edged higher by 90 paise, or 0.20 per cent to Rs 453.70 per 10 kg in 23 lots.

Analysts said crude palm oil prices gained as speculators enlarged positions on the back of rising demand in the spot market.