Crude palm oil up by 1.2% in line with firm spot market

Crude palm oil prices were up by 1.19% to Rs 390.20 per 10 kg in futures market today as participants widened positions, tracking a firm trend at the spot market on rising demand from consuming industries.

At Multi Commodity Exchange, crude palm oil for delivery in September moved up by Rs 4.60, or 1.19%, to Rs 390.20 per 10 kg in a business turnover of 285 lots.

Similarly, the oil for delivery in October edged up by Rs 4.10, or 1.05%, to Rs 392.50 per 10 kg in 167 lots.

Market analysts said fresh positions built up by speculators following rising demand in the spot market mainly influenced crude palm oil prices in futures trade.