Crude palm oil rises as demand picks up

Crude palm oil prices rose Rs 6.90 to Rs 569.70 per 10 kg in futures trade today, as speculators created fresh positions on expectations of a rise in demand in the spot market for the marriage season.

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

On the Multi Commodity Exchange, crude palm oil for January contract rose Rs 6.90, or 1.22 per cent, to Rs 569.70 per kg, with a trading volume of 90 lots. 

Similarly, the oil for delivery in February contract moved up by Rs 6.80, or 1.20 per cent, to Rs 579.20 per 10 kg, with a business volume of 92 lots.

While March contract inched up by Rs 6.20, or 1.07 per cent, to Rs 583.30 per 10 kg, with a trading volume of 44 lots.

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