Crude palm oil futures up 2.73% on spot demand

Crude palm oil prices rose by 2.73 per cent to Rs 521.80 per 10 kg in futures market today as speculators indulged in creating fresh positions coupled with rising demand in the spot markets.
Besides, restricted supplies from producing belts and firm trend in the overseas market on reports of lower production too fuelled the uptrend.
At the Multi Commodity Exchange, crude palm oil for delivery in March rose Rs 13.90, or 2.73 per cent, to Rs 521.80 per 10 kg in a business turnover of 511 lots.
Similarly, oil for delivery in April edged up by Rs 6, or 1.16 per cent, to Rs 519.80 per 10 kg in 484 lots.

Analysts said fresh positions built-up by speculators supported by rising demand in the spot markets, mainly led to the rise in crude palm oil prices at the futures trade.