Crude palm oil remains high on spot demand

Crude palm oil futures prices rose by Rs 5 to Rs 546 per 10 kg in futures trade today, as speculators created fresh positions on expectations of rising spot market demand in view of the ongoing marriage season.

Firming trend in overseas markets also influenced the crude palm oil prices at futures market.

On the Multi Commodity Exchange platform, crude palm oil for February-month contract rose by Rs 5 or 0.92 per cent to Rs 546 per kg, with a trading volume of 90 lots.

Similarly, the oil for delivery in January-month contract moved up by Rs 4.40 or 0.81 per cent to Rs 542.20 per 10 kg, with a business volume of 204 lots, while December-month contract higher by Rs 3.90 or 0.73 per cent to Rs 535.50 per 10 kg, with a trading volume of 49 lots.

Analysts said fresh buying by speculators on hopes of pick up in demand in the spot market due to marriage season, mainly led to a rise in crude palm oil at futures market.