ET:Crude palm oil futures remain higher on spot demand
NEW DELHI: Crude palm oil rose further by Rs 3.80 to Rs 541 per 10 kg in futures trade today as speculators enlarged positions on strong spot demand.
At the Multi Commodity Exchange, crude palm oil for delivery in March rose Rs 3.80, or 0.70 per cent, to Rs 541 per 10 kg in a business turnover of 26 lots.
Likewise, oil for delivery in February traded up by Rs 3.10, or 0.58 per cent, to Rs 536.60 per 10 kg in 132 lots.
Analysts said besides strong domestic demand, firming trends in the global markets, on speculation that demand may improve as dry weather hurt soybean output prospects in South America also influenced prices.
Meanwhile, palm oil prices for April delivery gained 0.90 per cent to 2,551 ringgit ($767) a tonne on the Malaysia Derivatives Exchange.
