ET:Crude palm oil futures up on spot demand; overseas cues
NEW DELHI: Crude palm oil prices rose by Rs 1.40 to Rs 475.60 per 10 kg in futures trade on Monday as speculators created fresh positions on rising spot demand.
Further, a firming trend in overseas markets also supported the upside.
On the Multi Commodity Exchange, crude palm oil for June delivery rose by Rs 1.40, or 0.29 per cent, to Rs 475.60 per kg, with a trading volume of 276 lots.
Similarly, the oil for delivery in May moved up marginally by 80 paise, or 0.16 per cent, to Rs 472.90 per 10 kg, with a business turnover of 245 lots.
Analysts said fresh positions built-up by speculators driven by rising spot demand, mainly led to a rise in crude palm oil prices at futures market.
They said a firming trend in overseas markets further influenced the market sentiment.
Meanwhile, palm oil climbed 1 per cent to $ 780 a tonne on the Malaysia Derivatives Exchange.
