ET:Crude palm oil futures gain 0.85 per cent on rising demand
NEW DELHI: Crude palm oil prices rose by 0.85 per cent to Rs 569.40 per 10 kg in futures trade today as speculators enlarged positions, driven by rising demand in the spot market against tight supply.
At the Multi Commodity Exchange, crude palm oil for delivery in May moved up by Rs 4.80, or 0.85 per cent, to Rs 569.40 per 10 kg in a business turnover of 317 lots.
Likewise, the oil for delivery in April traded higher by Rs 3.10, or 0.55 per cent, to Rs 571.20 per 10 kg in 51 lots.
Analysts said speculators enlarged positions on the back of rising spot market demand against tight supply from producing areas which helped crude palm oil prices to trade higher at futures trade.
