Crude palm oil futures up 0.80 pc on spot demand

Crude palm oil prices were up by 0.80 per cent to Rs 539.50 per 10 kg in futures trade today as speculators indulged in enlarging positions, driven by a firm demand at the spot market.

Besides, a firming trend in overseas markets supported the uptrend.

At the Multi Commodity Exchange, crude palm oil for delivery in current month rose by Rs 4.30, or 0.80 per cent, to Rs 539.50 per 10 kg, in a business turnover of 81 lots.

Similarly, the oil for delivery November went up by Rs 3.90, or 0.73 per cent, to Rs 535.80 per 10 kg in 70 lots.

Analysts said widening of positions by participants amid pick-up in demand in the spot market against tight stocks position on restricted supplies from producing regions, mainly kept crude palm oil prices higher at futures trade.

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