Crude palm oil futures up 0.31% on spot demand

NEW DELHI: Crude palm oil rose by 0.31 per cent to Rs 408.50 per 10 kg in futures trade today as traders increased their buying positions on rising demand in the spot market.

Moreover, a firming trend in the Asian region also supported the domestic prices of CPO.

At the Multi Commodity Exchange, crude palm oil price for delivery in December rose by Rs 1.30, or 0.31 per cent, to Rs 408.50 per 10 kg with a trading volume of 319 lots.

Likewise, the oil price for delivery in January rose by Rs 1.20, or 0.28 per cent, to Rs 417 per 10 kg, with a business volume of 458 lots.

Analysts said a firming trend in the spot as well as overseas markets mainly helped crude palm oil futures prices to gain fresh ground.

Meanwhile, the crude palm oil gained 0.8 per cent to 792 dollar a metric ton on the Malaysia Derivatives Exchange.