Uptick in demand lifts crude palm oil futures by 0.92%

Crude palm oil prices edged up by 0.92% to Rs 505 per 10 kg in futures trading today as participants built fresh positions as demand picked up in the spot market.

At the Multi Commodity Exchange, crude palm oil for delivery in July rose by Rs 4.60 or 0.92% to Rs 505 per 10 kg on a business turnover of 417 lots.

On similar lines, the oil for delivery in June contracts traded higher by Rs 4.50 or 0.89% to Rs 507.30 per 10 kg in 338 lots.

Analysts attributed the rise in crude palm oil prices at futures trade to building up of positions by speculators, driven by strong demand in the spot market against restricted supplies from producing regions.