Crude palm oil gains 1.06% as demand picks up

Crude palm oil prices gained 1.06 per cent to Rs 430 per 10 kg in futures trade today as traders enlarged their positions,driven by pick up in spot market demand in view of the festive season.

At the Multi Commodity Exchange,crude palm oil for delivery in November gained Rs 4.50,or 1.06 per cent,to Rs 430 per 10 kg,with a business turnover of 1,298 lots. Similarly,the oil for delivery in October moved up by Rs 4,or 0.95 per cent,to Rs 423.60 per 10 kg,with a business turnover of 546 lots.

Marketmen said increased buying by traders on the back of pick up in demand in the spot market due to festive season mainly influenced crude palm oil prices at futures trade.