MARKET DEVELOPMENT
Uptick in Demand Lifts Crude Palm Oil Futures by 1.30 Pc
Uptick in Demand Lifts Crude Palm Oil Futures by 1.30 Pc
12/08/2016 (Business Standard) - Crude palm oil prices edged up by 1.30 per cent to Rs 536.50 per 10 kg in futures trading today as participants created fresh positions, driven by pickup in demand in the spot market.
Besides, a firm trend in the global market also added support to crude palm oil prices' uptrend.
At the Multi Commodity Exchange, crude palm oil for delivery in September rose by Rs 6.90, or 1.30 per cent to Rs 536.50 per 10 kg in a business turnover of 362 lots.
On similar lines, the oil for delivery in August contracts traded higher by Rs 5.70, or 1.05 per cent to Rs 544.50 per 10 kg in 610 lots.
Analysts attributed rise in crude palm oil prices at futures trade to building up of positions by speculators, driven by pick up in demand in the spot market against restricted supplies from overseas markets.
Besides, a firm trend in the global market also added support to crude palm oil prices' uptrend.
At the Multi Commodity Exchange, crude palm oil for delivery in September rose by Rs 6.90, or 1.30 per cent to Rs 536.50 per 10 kg in a business turnover of 362 lots.
On similar lines, the oil for delivery in August contracts traded higher by Rs 5.70, or 1.05 per cent to Rs 544.50 per 10 kg in 610 lots.
Analysts attributed rise in crude palm oil prices at futures trade to building up of positions by speculators, driven by pick up in demand in the spot market against restricted supplies from overseas markets.