BS:Crude palm oil remain up by 5.8% on firm spot demand
Crude palm oil prices rose by Rs 5.80 to Rs 505.50 per 10 kg in futures trade today as speculators created fresh positions driven by pick-up in spot market demand.
Palm oil imports by India, the world's largest buyer, probably jumped to the highest in three months in May as local supplies fell amid expanding demand.
Besides, a firming trend in overseas markets also supported the uptrend.
On the Multi Commodity Exchange, crude palm oil for June delivery rose by Rs 5.80, or 1.16%, to Rs 505.50 per 10 kg, with a trading volume of 164 lots.
Similarly, crude palm oil for delivery in July increased by Rs 5.80, or 1.15%, to Rs 506.60 per 10 kg with a business turnover of 317 lots.
Analysts said fresh positions created by speculators amid pick-up in demand in spot markets mainly led to a rise in crude palm oil prices at futures market.
Meanwhile, the oil climbed 0.50% to $784 a tonne on the Malaysia Derivatives Exchange.
