Rising demand lifts crude palm oil futures by 1.31%

Amid pick up in domestic demand and restricted supplies from producing belts, crude palm oil prices climbed by 1.31 per cent to Rs 524.30 per 10 kg in futures trade today as traders created fresh positions.
At the Multi Commodity Exchange, crude palm oil for delivery in June was trading higher by Rs 6.80, or 1.31 per cent to Rs 524.30 per 10 kg in business turnover of 531 lots.
Likewise, the oil for delivery in May contracts traded higher by Rs 6, or 1.14 per cent to Rs 532.70 per 10 kg in 274 lots.
Marketmen said participants built up fresh positions following uptick in demand in the spot market against restricted supplies from producing belts mainly led to the rise in crude palm oil prices at futures trade.

They said firming trend overseas also supported the upside.