Crude palm oil prices up 0.53% at futures trade

Crude palm oil prices were up by 0.53 per cent to Rs 570.50 per 10 kg in futures trade today as traders created fresh positions, supported by pick-up in demand at the spot market.
Besides, a firming trend in overseas markets too fuelled the uptrend.
At the Multi Commodity Exchange, crude palm oil for delivery in January 2017 rose by Rs 3, or 0.53 per cent, to Rs 570.50 per 10 kg, in a business turnover of 48 lots.
Similarly, the oil for delivery this month went up by Rs 2.70, or 0.48 per cent, to Rs 570.20 per 10 kg in nine 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.