Crude palm oil rises 0.70 pc in futures trade

Crude palm oil prices were trading up by 0.70 per cent to Rs 589.10 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, fuelled the uptrend.
In futures trading at the Multi Commodity Exchange, crude palm oil for delivery in December rose by Rs 4.10, or 0.70 per cent, to Rs 589.10 per 10 kg, in a business turnover of 251 lots.
Similarly, the oil for delivery in January went up by Rs 2.40, or 0.40 per cent, to Rs 591.50 per 10 kg in 104 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.