Crude palm oil prices up on rise in demand

A firm trend in overseas markets also influenced the crude palm oil prices in the futures market.

Written by Agencies | New Delhi | Published:September 20, 2012 1:59 pm

Crude palm oil prices rose by Rs 6 to Rs 517.90 per 10 kg today as speculators created fresh positions on expectations of a rise in spot demand.

A firm trend in overseas markets also influenced the crude palm oil prices in the futures market.

At the Multi Commodity Exchange crude palm oil for October rose by Rs 6,or 1.17 per cent,to Rs 517.90 per 10 kg,with a trading volume of 391 lots.

Similarly,the oil for delivery in September moved up by Rs 5.20,or 1.02 per cent,to Rs 515 per 10 kg,with a business volume of 161 lots.

Marketmen said fresh buying support by speculators on hopes of a pick-up in spot demand mainly led to the rise incrude palm oil futures prices. A firm global trend further influenced the market sentiment,they added.

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