Crude palm oil futures rise on firm spot demand

Crude palm oil prices rose by 0.26 per cent at Rs 594.60 per 10 kgs in futures trade today as traders created fresh positions, supported by pick-up in demand at the spot market amid firm global cues.
Besides, restricted supplies from the producing belts supported the uptrend in the crude palm oil prices.
At the Multi Commodity Exchange, crude palm oil for delivery in the March contract rose by Rs 1.60, or 0.26 per cent, to Rs 594.60 per 10 kgs, in a business turnover of 218 lots.
Similarly, the oil for this month contract was trading higher by Re 1, or 0.17 per cent, to Rs 587 per 10 kgs in 138 lots.

Analysts said the rise in crude palm oil prices was mostly due to building up of positions by speculators, driven by a firming trend in the global market.