Crude palm oil futures remain higher on spot demand

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SummaryCrude palm oil rose by Rs 2.30 to Rs 409.70 per 10 kg in futures trade.

Crude palm oil rose by Rs 2.30 to Rs 409.70 per 10 kg in futures trade today as speculators enlarged positions on strong spot demand.

Besides, firming trend in the Asian region also influenced its prices.

At the Multi Commodity Exchange, crude palm oil prices for delivery in January rose by Rs 2.30, or 0.56 per cent, to Rs 409.70 per 10 kg with a trading volume of 481 lots.

Likewise, the oil price for delivery in December rose by Rs 1.90, or 0.47 per cent, to Rs 405 per 10 kg, with a business volume of 388 lots.

Analysts said firming trends in both global and spot markets supported the upside in crude palm oil futures prices here.

Meanwhile, palm oil prices for February delivery gained 0.9 per cent to 2,250 ringgit (USD 736) a tonne on the Malaysia Derivatives Exchange.

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