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Crude palm oil up 0.43% on rising demand

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Press Trust of India New Delhi

Crude palm oil futures rose by Rs 2.50 to Rs 583.80 per 10 kg today as speculators created fresh positions on the back of rising spot demand.

A firming trend in the overseas markets also influenced crude palm oil prices at futures trade.

On the Multi Commodity Exchange, the May delivery was up by Rs 2.50, or 0.43%, to Rs 578.40 per kg, with a trading volume of 437 lots.

The April crude palm oil moved up by Rs 1.60, or 0.27%, to Rs 578.40 per 10 kg, with a business turnover of 437 lots, while delivery in March inched up by Rs 1.30, or 0.22%, to Rs 572.40 per 10 kg, with a trade volume of 77 lots.

Meanwhile, in Malaysia, June-delivery prices climbed 0.4% to 3,412 ringgit (USD 1,117) a tonne on the Malaysia Derivatives Exchange.

Analysts said the rise in crude palm oil prices was mostly supported by rising demand at spot markets,apart from a firming trend overseas.

 

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First Published: Mar 19 2012 | 1:20 PM IST

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