Crude palm oil futures up by 0.85%

Crude palm oil prices were up by 0.85 per cent to Rs 582.80 per 10 kg in futures trade today as speculators indulged in enlarging positions, driven by a firm demand at the spot market.
Besides, a firming trend in overseas markets supported the uptrend.
At the Multi Commodity Exchange, crude palm oil for delivery in February rose by Rs 4.90, or 0.85 per cent, to Rs 582.80 per 10 kg, in a business turnover of 477 lots.
Similarly, the oil for delivery in far-month March went up by Rs 4.60, or 0.81 per cent, to Rs 571.40 per 10 kg in 91 lots.

Analysts said widening of positions by participants driven by pick up in demand in the spot market against tight stocks position on restricted supplies from producing regions mainly kept crude palm oil prices higher at futures trade.