Crude palm oil futures gain 0.54% on rising demand
Crude palm oil prices rose by 0.54 per cent to Rs 516.80 per 10 kg in futures trading today as speculators enlarged positions on the back of rising demand in the spot market.
Moreover, a tight stocks in the market due to fall in supplies from producing belts supported the upmove.
At the Multi Commodity Exchange, crude palm oil for delivery in September went up by Rs 2.80, or 0.54 per cent to Rs 516.80 per 10 kg in business turnover of 95 lots.
Similarly, the oil for delivery in August traded higher by Rs 2.50, or 0.48 per cent to Rs 518.50 per 10 kg in 31 lots.
Marketmen said widening of positions by traders due to pick up in demand in the spot market against restricted supplies from producing belts, 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.)
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.