Crude palm oil remains higher on high spot demand

Crude palm oil futures prices rose Rs 1.80 to Rs 539 per 10 kg today, as speculators created fresh positions on expectations of a firming trend in spot markets due to the ongoing marriage season.

Firm trend in overseas markets also influenced the crude palm oil futures prices

On the Multi Commodity Exchange platform, crude palm oil for delivery in January rose by Rs 1.80, or 0.33 per cent to Rs 539 per kg, with a trading volume of 29 lots.

Similarly, the oil for delivery in December surged by Rs 1.40 or 0.26 per cent to Rs 531.80 per 10 kg, with a business volume of 94 lots, while price for delivery in February month went up by Rs 1.20, or 0.22 per cent to Rs 542 per 10 kg, with a business turnover of 76 lots.

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