Crude palm oil futures rise 0.56% on demand uptick

Crude palm oil prices rose 0.56 per cent to Rs 577.60 per 10 kg in futures trade today as participants created fresh bets, supported by pick-up in demand in the spot market.
A firming trend in overseas markets also fuelled the uptrend.
In futures trading at the Multi Commodity Exchange, crude palm oil for delivery in February rose Rs 3.20, or 0.56 per cent, to Rs 577.60 per 10 kg in business turnover of 794 lots.
Similarly, the oil for delivery in March went up by Rs 3, or 0.52 per cent, to Rs 580.20 per 10 kg in 229 lots.

Analysts said fresh positions built up by participants on the back of rise in demand in the physical market against restricted supplies from producing regions drove crude palm oil prices.