Crude palm oil up on rise in demand

Written by Agencies | New Delhi | Updated: Mar 30 2011, 20:02pm hrs
Crude palm oil prices moved up by Rs 4.70 to Rs 511.50 per 10 kg in futures trade as speculators indulged in creating fresh positions on expectations of pick-up in spot demand.

Besides, a firming trend overseas too influenced the crude palm oil prices at futures market here. On the Multi Commodity exchange, crude palm oil for delivery in March rose by Rs 4.70, or 0.92 per cent, to Rs 511.50 per kg, with trading volume of two lots.

Similarly, the oil for delivery in April gained Rs 3.30, or 0.64 per cent, to Rs 511.90 per 10 kg, with a business volume of 19 lots.

Crude palm oil prices for delivery in May inched up by Rs 3.20, or 0.63 per cent, to Rs 511.30 per 10 kg, with an open interest of 30 lots.

Analysts said fresh buying by speculators on hopes of pick-up in demand in the spot market mainly led to the rise in crude palm oil futures prices.