Crude palm oil futures rise as spot demand picks up

Crude palm oil rose by Rs 5.40 to Rs 490.40 per 10 kg in futures trade today, as speculators created fresh positions on a rise in demand in the spot market.

At the Multi Commodity Exchange, crude palm oil for November contract rose by Rs 5.40 or 1.11 per cent to Rs 490.40 per 10 kg in single lot.

Likewise, the oil for delivery in December-contract moved up by Rs 5.30 or 1.09 per cent to Rs 493.50 per 10 kg in just one lot.

Market analysts said fresh buying by speculators on increased spot market demand due to ongoing marriage season led to the upswing in crude palm oil futures prices.