MSN:Crude palm oil up in futures trade on spot market demand
New Delhi, Dec 21 (PTI) Crude palm oil gained Rs 2.50 to Rs 517.90 per 10 kg in futures trade today on the back of a pick-up in demand in the spot market amid a firming global trend.
At the Multi Commodity Exchange, crude palm oil for delivery in January rose by Rs 2.50, or 0.48 per cent, to Rs 517.90 per 10 kg in 60 lots.
Likewise, the oil for delivery in February gained Rs 2.30, or 0.44 per cent, to Rs 522.20 per 10 kg, with an open interest for 63 lots, while December contract CPO edged up by Rs 2.20, or 0.43 per cent, to Rs 513.60 per 10 kg in 23 lots.
Market analysts said apart from a firming trend in overseas markets on concerns that supplies will decline, a pick-up in spot market demand helped crude palm oil futures trade higher.
Meanwhile, palm oil for the March contract delivery gained as much as 0.8 per cent to 3,043 ringgits (USD 960) a metric tonne on the Malaysia Derivatives Exchange.
