Crude palm oil futures up 0.89 pc on spot demand

Tracking a firm global trend, crude palm oil prices were up by 0.89 per cent at Rs 532 per 10 kg in futures trade today as traders created fresh positions supported by pick-up in demand in the spot market.
At the Multi Commodity Exchange, crude palm oil for delivery this month rose by Rs 4.70, or 0.89 per cent, to Rs 532 per 10 kg in a business turnover of 49 lots.
Similarly, the oil for delivery in December was trading higher by Rs 4.40, or 0.83 per cent, to Rs 536.50 per 10 kg in 94 lots.
Analysts said the rise in crude palm oil prices was mostly attributed to building up of positions by speculators, driven by a firming trend in the global market.