Palm oil up 3% on uptick in demand

Crude palm oil prices rose by 3.16 per cent to Rs 551.50 per 10 kg in futures trade today as participants built up fresh positions following uptick in demand in the spot market.

Besides, a firm trend in the global market also added support to crude palm oil prices' uptrend.

At Multi Commodity Exchange, crude palm oil for delivery in September rose by Rs 16.90 or 3.16 per cent to Rs 551.50 per 10 kg in a business turnover of 308 lots.

Similarly, the oil for delivery in this month gained Rs 16.30, or 2.99 per cent to Rs 560.90 per 10 kg in 317 lots.
 
Analysts said fresh positions built up by participants, supported by pick-up in demand in the spot market against restricted supplies from overseas markets, mainly led to the rise in crude palm oil prices at futures trade.