Uptick in demand lifts crude palm oil by 0.72%

Amid pick up in domestic demand at spot market and restricted supplies from producing regions, crude palm oil prices were up by 0.72 per cent to Rs 476.10 per 10 kg in futures trading today as speculators built up fresh position.
At the Multi Commodity Exchange, crude palm oil for delivery in far-month August moved up by Rs 3.40, or 0.72 per cent to Rs 476.10 per 10 kg in business turnover of 33 lots.
Likewise, the oil for delivery in July contracts traded higher by Rs 3.30, or 0.69 per cent to Rs 483.50 per 10 kg in 135 lots.

Analysts said traders built up fresh positions due to pick up in demand in the spot market against restricted supplies from growing regions mainly led to rise in crude palm oil prices at futures trade.