Rising demand lifts crude palm oil futures by 1.20%

Crude palm oil prices advanced by 1.20 per cent to Rs 555.20 per 10 kg in futures trading today as traders created fresh positions, driven by pick up in demand in the spot market.
Besides, a firm trend in the global market also added support to crude palm oil prices' uptrend.
At Multi Commodity Exchange, crude palm oil for delivery in September rose by Rs 6.60 or 1.20 per cent to Rs 555.20 per 10 kg in a business turnover of 557 lots.
Similarly, the oil for delivery in this month advanced Rs 6, or 1.08 per cent to Rs 563 per 10 kg in 323 lots.

Analysts said building up of positions by speculators, triggered by uptick in demand in the spot market amid firm global trend mainly led to the rise in crude palm oil prices at futures trade.