 "Crude palm oil up by 0.7% on rise in demand")
Continuing its rising streak for the fifth straight day, crude palm oil prices gained 0.73% to Rs 468.50 per 10 kg in futures trading today, tracking a firming global trend.
At the Multi Commodity Exchange, crude palm oil for delivery in March moved up by Rs 3.40, or 0.73% to Rs 468.50 per 10 kg in a business turnover of 62 lots.
On similar lines, the oil for delivery in February contracts traded higher by Rs 3.20, or 0.70% to Rs 463.50 per 10 kg in 214 lots.
Meanwhile, palm oil futures in Kuala Lumpur rose 1.7% to 2,574 ringgit ($621) a tonne, the highest since May 2014.
Pick-up in demand at domestic spot market also supported the upside, they said.
At the Multi Commodity Exchange, crude palm oil for delivery in March moved up by Rs 3.40, or 0.73% to Rs 468.50 per 10 kg in a business turnover of 62 lots.
On similar lines, the oil for delivery in February contracts traded higher by Rs 3.20, or 0.70% to Rs 463.50 per 10 kg in 214 lots.
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Analysts attributed the rising trend in crude palm oil futures to a firming global trend as palm oil stockpiles in Malaysia probably declined to the lowest since July after El Nino-induced dry weather reduced production in the world's second-largest grower.
Meanwhile, palm oil futures in Kuala Lumpur rose 1.7% to 2,574 ringgit ($621) a tonne, the highest since May 2014.
Pick-up in demand at domestic spot market also supported the upside, they said.