Crude palm oil futures up on strong spot demand

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SummaryCrude palm oil for delivery in February rose by Rs 3.30, or 0.73 per cent to Rs 453 per 10 kg, with an open interest for 744 lots.

Crude palm oil futures prices today gained Rs 3.30 to Rs 453 per 10 kg on speculators buying driven by a firming spot market trend due to marriage season.

At the Multi Commodity Exchange, crude palm oil for

delivery in February rose by Rs 3.30, or 0.73 per cent to Rs

453 per 10 kg, with an open interest for 744 lots. Similarly, the oil for delivery in January moved up by Rs

3.10, or 0.70 per cent, to Rs 445.40 per 10 kg in 299 lots.

Analysts said fresh positions created by speculators on the back of a firming trend in the spot market due to marriage season demand mainly helped crude palm oil futures to trade higher.They said a firming trend in overseas markets further

fuelled the upsurge.

The palm oil climbed 1.7 per cent to USD 810 a tonne on

the Malaysia Derivatives Exchange, the highest level since

January 7.

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