Agri-commodity: Crude palm oil, coriander gain on uptick in demand

NEW DELHI: Crude palm oil prices were trading up by 0.94 per cent to Rs 567 per 10 kg in futures trading today as traders created fresh positions, supported by pick-up in demand at the spot market.

Besides, a firming trend in overseas markets fuelled the uptrend.

In futures trading at the Multi Commodity Exchange, crude palm oil for delivery in the current month rose by Rs 5.30, or 0.94 per cent, to Rs 567 per 10 kg in a business turnover of 152 lots.

Similarly, the oil for delivery in January went up by Rs 4.60, or 0.82 per cent, to Rs 566.30 per 10 kg in 54 lots.

Analysts said fresh positions created by participants on the back of rise in demand in the physical market against restricted supplies from producing regions mainly influenced crude palm oil prices at futures trade.

Coriander

Coriander prices rose 1.43 per cent to Rs 5,404 per quintal in futures trade today as participants widened positions amid rising spot demand.

Furthermore, tight supplies from major producing belts fuelled the uptrend.

In futures trading at the National Commodity and Derivatives Exchange, coriander for January delivery rose by Rs 76, or 1.43 per cent, to Rs 5,404 per quintal, with an open interest of 42,500 lots.

The contract for current month was also trading higher by Rs 58, or 1.10 per cent, to Rs 5,311 per quintal with an open interest of 1,110 lots.

Market analysts attributed the rise in coriander futures to upsurge in demand in the physical market against low stocks position on fall in supplies from producing regions.