Crude palm oil futures gain 0.35% on rising demand

Crude palm oil prices were up by 0.35 per cent to Rs 493.50 per 10 kg in futures trade today as speculators enlarged positions, driven by rising demand at spot market and restricted supplies from producing regions.

At the Multi Commodity Exchange, crude palm oil for delivery in May traded higher by Rs 1.70, or 0.35 per cent, to Rs 493.50 per 10 kg in business turnover of 59 lots.

On similar lines, the oil for delivery in April contracts gained Rs 1.60, or 0.31 per cent to Rs 518.40 per 10 kg in 31 lots.

Analysts said widening of positions by participants due to pick up in demand at spot market against tight stock position on restricted supplies from producing regions, mainly led to the rise in crude palm oil prices at futures trade.

(This article has not been edited by DNA's editorial team and is auto-generated from an agency feed.)