Crude palm oil futures remain up on buying support

Crude palm oil futures prices rose for the second straight day today by adding Rs 4.90 to Rs 568.50 per 10 kg, as speculators enlarged their positions, driven by a rise in demand in the spot market.

At the Multi Commodity Exchange, crude palm oil for April delivery rose by Rs 4.90, or 0.87 per cent, to Rs 568.50 per 10 kg, with a trade volume of just one lot.

Similarly, the oil for delivery in February moved up by Rs 1.20, or 0.21 per cent, to Rs 566 per 10 kg, with a business turnover of four lots, while January contract inched up by 30 paise, or 0.05 per cent, to Rs 558.30 per 10 kg, with a trade volume of just one lot. 

Market analysts said increased buying by speculators on rising demand in the spot market, mainly helped crude palm oil futures prices to strengthen.