Crude palm oil futures up 0.69 per cent on spot demand

Crude palm oil prices were up by 0.69 per cent to Rs 541.50 per 10 kg in futures trade today as traders created fresh positions supported by pick-up in demand in the spot market coupled with restricted supplies.
Besides, a firm trend at the global market supported the upside in prices.
At the Multi Commodity Exchange, crude palm oil for delivery this month rose by Rs 3.70, or 0.69 per cent to Rs 541.50 per 10 kg in a business turnover of 111 lots.
Similarly, the oil for delivery in December was trading higher by Rs 2.50 or 0.46 per cent to Rs 544.70 per 10 kg in 144 lots.

Analysts said the rise in crude palm oil prices was mostly attributed to building up of positions by speculators, driven by firm demand at the domestic spot market and a firming trend in the global market.