Crude palm oil futures up on rising demand
At the Multi Commodity Exchange, crude palm oil for delivery in November rose by Rs 3.50, or 0.81 per cent, to Rs 433.70 per 10 kg in business turnover of 122 lots.
Likewise, the oil for delivery in December traded higher by the same margin to Rs 437.80 per 10 kg in 112 lots.
Market analysts said fresh buying by speculators on the back of a rise in demand in the spot market mainly influenced crude palm oil prices at futures trade.
A firming global trend on speculation that rising exports from Malaysia, the largest producer after Indonesia, may cut record stockpiles this month also influenced the sentiment, they said.
Meanwhile, palm oil prices for January delivery advanced 1.7 per cent to USD 772 a tonne on the Malaysia Derivatives Exchange.
Be the first to comment.