Crude palm oil remains higher on increased spot demand

Crude palm oil prices rose Rs 4.50 to Rs 524.50 per 10 kg in futures trade today, as speculators created fresh positions on expectations of a firm trend in spot markets due to the ongoing marriage season.

A 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 December-month rose by Rs 4.50, or 0.77 per cent to Rs 524.50 per kg.

Similarly, the oil for delivery in January-month surged by Rs four or 0.76 per cent to Rs 527.50 per 10 kg, while price for delivery in February month went up by Rs 3.60, or 0.69 per cent to Rs 528.40 per 10 kg.

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.