Crude palm oil futures rise on spot demand

Crude palm oil futures prices moved up by Rs 4.60 to Rs 540 per 10 kg today, as speculators enlarged their positions on rising demand at the spot market.

Firm trends in global markets also influenced trading sentiments here.

At the Multi Commodity Exchange counter, crude palm oil for February delivery rose by Rs 4.60, or 0.86 per cent, to Rs 540.00 per 10 kg, with a trade volume of just one lot.

Similarly, the oil for delivery in December edged up by Rs 2.90, or 0.55 per cent, to Rs 526.00 per kg, with a business turnover of just three lots. 

Analysts said increased buying by speculators on better demand in the spot market led to rise in crude palm oil prices at futures trade.

Meanwhile, palm oil futures for March delivery gained 1.2 per cent to $1,174 a tonne on the Malaysia Derivatives Exchange.