Uptick in demand lifts crude palm oil prices by 0.5%

Crude palm oil prices recovered by 0.49% to Rs 411 per 10 kg in futures trade today as speculators built up fresh positions at prevailing levels amid pick up in demand in the spot market.

Restricted supplies from producing regions also supported the upside.

At the Multi Commodity Exchange, crude palm oil for delivery in far-month January 2016 rose by Rs 2, or 0.49% to Rs 411 per 10 kg in a business turnover of 37 lots.

Likewise, the oil for delivery in December edged up by Rs 1.80, or 0.46% to Rs 396.80 per 10 kg in 123 lots.
 
Analysts said creating of fresh positions by participants at existing level, driven by pick up in demand in the spot market against restricted supplies from producing regions mainly led to the rise in crude palm oil prices at futures trade.