Crude palm oil futures up on spot demand

Crude palm oil prices moved up by Rs 4.90 to Rs 498 per 10 kgs in futures trade today on pick up in demand in the spot market in view of the marriage season.

At the Multi Commodity Exchange, crude palm oil for delivery in January contract moved up by Rs 4.90,or 0.99 per cent to Rs 498 per 10 kg in just one lot.

Similarly, oil for delivery in December month traded higher by Rs 4.40, or 0.90 per cent to Rs 494 per 10 kg in single lot, while November contract edged up by Rs 3.50, or 0.72 per cent to Rs 489.00 per kg in one lot.  

Market analysts said speculators increased their positions influenced by pick up in demand in the spot market, which led to the rise in oil futures.