Crude palm oil rises on pick up in demand

Crude palm oil futures prices rose Rs 7.10 to Rs 539 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 counter, crude palm oil for February-month contract rose by Rs 7.10 or 1.33 per cent to Rs 539 per kg, with a trading volume of 187 lots.

Similarly, the oil for delivery in January-month contract moved up by Rs 6.70 or, 1.23 per cent to Rs 535.20 per 10 kg, with a business volume of 190 lots, while December-month contract inched up by Rs 5.40 or 1.03 per cent to Rs 528 per 10 kg, with a trading volume of 94 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.