Amid upsurge in domestic demand at spot market and restricted supplies from producing regions, crude palm oil prices were higher by 0.32 per cent to Rs 535 per 10 kg in futures trading today as participants widened positions, taking positive cues from spot market on pick up in demand.
Furthermore, tight stocks position in the physical market on restricted arrivals from major producing belts also fuelled the uptrend.
At the Multi Commodity Exchange, crude palm oil for delivery in June went up by Rs 1.30, or 0.32 per cent, to Rs 535 per 10 kg, in a business turnover of 136 lots.
Similarly, the oil for delivery in May edged higher by Rs 70 paise, or 0.13 per cent, to Rs 536.60 per 10 kg in 42 lots.
Market analysts said increasing of positions by traders on the back of pick up in demand in the spot market against restricted supplies from growing regions mainly led to the rise in crude palm oil prices at futures trade.
