Crude palm oil futures up on spot demand

PTI New Delhi | Updated on March 11, 2011

Crude palm oil prices recovered by Rs 4.60 to Rs 535 per 10 kg at the futures trade today, as speculators created fresh positions largely on the back of pick-up in spot demand.

A firming trend in the overseas market further supported the uptrend in crude palm oil futures prices.

At the Multi Commodity Exchange, crude palm oil for delivery in May rose Rs 4.60 or 0.87 per cent to Rs 535 per 10 kg clocking a business turnover of two lots. Likewise, the oil for delivery in March went up by Rs 3.70 or 0.7 per cent to Rs 535.80 per 10 kg with an open interest of a single lot.

Analysts said fresh buying by speculators on rise in spot demand, due to the ongoing marriage season, mainly led to the recovery in crude palm oil prices at the futures trade. A firming trend overseas also influenced the trading sentiment.

Meanwhile, palm oil futures rose 0.5 per cent a tonne on the Malaysian Derivatives Exchange.

Published on March 11, 2011

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