Palm oil rises on spot demand
Crude palm oil prices rose by Rs 1.20 to Rs 566.10 per 10 kg in futures trade today as speculators created fresh positions, driven by a rise in demand in the spot market.
At the Multi Commodity Exchange, crude palm oil for delivery in July advanced by Rs 1.20, or 0.21%, to Rs 566.10 per 10 kg in business turnover of 146 lots.
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The August contract traded higher by Rs 1.10, or 0.19%, to Rs 570.20 per 10 kg in 92 lots.
Analysts said fresh buying by speculators due to pick-up in spot market demand mainly helped crude palm oil futures to trade marginally higher.