Crude palm oil rises on fresh buying support

Crude palm oil rises on fresh buying support

Crude palm oil prices rose marginally by Re one to Rs 594.30 per 10 kg in futures trade today, as speculators enlarged their positions, supported by a pick up in demand in the spot market.

At the Multi Commodity Exchange, crude palm oil for March contract inched up by Re one, or 0.17%, to Rs 594.30 per 10 kg, with a business turnover of 50 lots.

Likewise, the oil for delivery in February contract gained 70 paise, or 0.12% to Rs 588.70 per 10 kg, with a business turnover of five lots.

Market analysts said fresh buying by speculators, driven strong demand at spot markets led to the rise in crude palm oil futures prices.