NEW DELHI, Dec 23: Crude palm oil prices rose by 0.45 per cent to Rs 557.70 per 10 kg in futures trading today as speculators indulged in creating fresh positions supported by pick up in demand in the spot market amid a firming trend overseas.
At the Multi Commodity Exchange, crude palm oil for delivery in January rose by Rs 2.50, or 0.45 per cent, to Rs 557.70 per 10 kg in business turnover of 143 lots.
Likewise, the oil for delivery in December up by Rs 2.20, or 0.39 per cent, to Rs 553.10 per 10 kg in 19 lots.
Analysts said speculators creating fresh positions driven by pick up in demand in the spot market and a firming trend in the global market mainly led to rise in crude palm oil prices at futures trade.
Globally, palm oil for delivery in March gained 1.30 per cent to trade at over one week high of 2,617 ringgit (USD 795) a metric tonne on the Bursa Malaysian Derivatives as a decline in the Malaysian currency improved prospects for exports from the world’s second-largest producer. (AGENCIES)
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