Crude palm oil rises 0.40% on firm spot demand

NEW DELHI, May 22: Crude palm oil prices rose 0.40 per cent to Rs 669 per 10 kg in futures trade today as speculators increased positions amid a firm demand at the spot market.
Besides, a firming trend in overseas markets supported the uptrend.
At the Multi Commodity Exchange, crude palm oil for delivery in June rose by Rs 2.70, or 0.40 per cent, to Rs 669 per 10 kg in a business turnover of 249 lots.
Similarly, the oil for delivery in the current month went up by Rs 2.60, or 0.39 per cent, to Rs 667.80 per 10 kg in 245 lots.
Analysts said widening of positions by participants amid pick-up in demand at the spot market against tight stocks position on restricted supplies from producing regions kept crude palm oil prices higher at futures trade. (PTI)