Crude palm oil futures gain 0.90% on rising demand

Crude palm oil prices were up by 0.90 per cent to Rs 547.40 per 10 kg in futures trade today as traders created fresh positions, driven by pick-up in demand at the spot market.

Besides, a tight stock position on fall in supplies from producing belts fuelled the uptrend.

At the Multi Commodity Exchange, crude palm oil for delivery in December rose by Rs 4.90, or 0.90 per cent to Rs 547.40 per 10 kg in 98 lots.

Likewise, the oil for delivery in November contracts gained Rs 4.20, or 0.77 per cent to Rs 546.70 per 10 kg in 260 lots.

Analysts said building up of positions by participants on the back of pick up in demand at the spot market against restricted supplies from producing regions mainly led to rise in crude palm oil prices at futures trade.

(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)