Crude palm oil futures rise 1.22% as demand picks up

Crude palm oil prices went up by 1.22 per cent to Rs 506.40 per 10 kg in futures market today as speculators created fresh positions, driven by pick up in demand at the spot market.

Moreover, a tight stock position due to fall in supplies from producing belts supported the upmove.

At the Multi Commodity Exchange, crude palm oil for delivery in September rose by Rs 6.10, or 1.22 per cent, to Rs 506.40 per 10 kg, in a business turnover of 341 lots.

Similarly, the oil for delivery in current month was trading higher by Rs 4.70, or 0.94 per cent, to Rs 505 per 10 kg in 406 lots.

Analysts said fresh positions built up by participants due to uptick in demand in the physical markets, mainly led to the 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.)