Crude palm oil up by 0.7% on spot demand

Crude palm oil futures were up by 0.75% to Rs 389.10 per 10 kg in futures trade today as speculators created fresh positions amid a firming trend at the spot markets on rising demand from consuming industries.

Besides, tight supplies from major producing belts too supported crude palm oil futures.

At the Multi Commodity Exchange, crude palm oil for December rose Rs 2.90, or 0.75%, to Rs 389.10 per 10 kg, with a trading volume of 215 lots.

Similarly, the oil for delivery in November moved up by Rs 2.30, or 0.61%, to Rs 377.80 per 10 kg, with a business volume of 78 lots.
 
Analysts said speculators creating fresh positions on rising spot demand in view of ongoing wedding season, mainly led to rise in crude palm oil prices at futures trade.