Crude palm oil up 0.7% on pick up in demand

Crude palm oil prices rose 0.69% to Rs 447.90 per 10 kg in futures trading today as participants indulged in creating fresh positions, driven by pickup in demand in the spot market.

Moreoever, firming trend in the overseas market too fuelled the uptrend.

At the Multi Commodity Exchange, crude palm oil for delivery in March rose by Rs 3.10, or 0.69%, to Rs 447.90 per 10 kg in a business turnover of 142 lots.

Likewise, the oil for delivery in february was trading up by Rs 2.80, or 0.63%, to Rs 443.50 per 10 kg in 232 lots.

Analysts said speculators creating fresh positions driven by pick up in demand in the spot market and a firming trend in the overseas market mainly led to the rise in crude palm oil prices at the futures trade.