Crude palm oil higher on spot demand

Crude palm oil prices rose by Rs 5 to Rs 438 per 10 kg in futures trade today as speculators created fresh positions on expectations of rise in demand due to the festive season.

A firming trend in overseas markets also influenced the crude palm oil futures prices.

At the Multi Commodity Exchange, the December contract rose by Rs 5, or 1.15%, to Rs 438 per 10 kg, with a trading volume of 376 lots.

The November contract was higher by Rs 4.90, or 1.14%, to Rs 432.50 per 10 kg, with a business volume of 408 lots.

Marketmen said fresh buying by speculators on hopes of pick-up in spot demand mainly led to a rise in crude palm oil at futures market.

In Malaysia, palm oil advanced by 2% to $793 a tonne.