Crude palm oil futures climb 0.52 per cent on spot demand

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Tracking a firm global trend, crude palm oil prices were up by 0.52 per cent to Rs 559.70 per 10 kg in futures trade today as traders created fresh positions.

Besides, pick-up in demand in the spot market and restricted supplies supported the upmove.

At the Multi Commodity Exchange, crude palm oil for delivery in current month rose Rs 2.90, or 0.52 per cent, to Rs 559.70 per 10 kg in business turnover of 202 lots.

Similarly, the oil for delivery in October contracts traded higher by Rs 2.40, or 0.44 per cent, to Rs 544.20 per 10 kg in 237 lots.

Analysts said the rise in crude palm oil prices was mostly attributed to building-up of positions by speculators, driven by a firming trend in the global market.

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