Crude palm oil rises 0.45 pc in futures trade

Crude palm oil prices edged up by 0.45 per cent to Rs 583 per 10 kg in futures trade today as traders created fresh positions, supported by a pick-up in demand at the spot market.
Besides, a firming trend in overseas markets fuelled the uptrend.
In futures trading at the Multi Commodity Exchange, crude palm oil for delivery in December rose by Rs 2.60, or 0.45 per cent, to Rs 583 per 10 kg, in a business turnover of 169 lots.
Similarly, the oil for delivery in the current month went up by Rs 1.10, or 0.18 per cent, to Rs 590.20 per 10 kg in 62 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.