Crude palm oil recovers by 0.7% on spot demand

Crude palm oil prices rose by 0.71% to Rs 397 per 10 kg in futures trade today as speculators built up fresh positions, triggered by pick up in demand in the spot market.

At the Multi Commodity Exchange crude palm oil for delivery in December month moved up by Rs 2.80, or 0.71% to Rs 397 per 10 kg with an open interest of 20 lots.

Likewise, the oil for delivery in November contracts edged up by Rs 1.90, or 0.49% to Rs 389 per 10 kg in 10 lots.

Analysts said speculative positions built up by traders following rising demand in the spot market against restricted supplies from producing regions, mainly led to a rise in crude palm oil prices at futures trade.