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Crude palm oil futures up on rising demand

Crude palm oil futures prices rose by Rs 2 to Rs 523.50 per 10 kg on Thursday as speculators created fresh positions on expectations of a rise in demand in the spot market.

Crude palm oil futures prices rose by Rs 2 to Rs 523.50 per 10 kg on Thursday as speculators created fresh positions on expectations of a rise in demand in the spot market.

Firming trend in overseas markets also influenced the crude palm oil futures prices.

On the Multi Commodity Exchange, crude palm oil for May contract rose by Rs 2, or 0.65 per cent, to Rs 523.50 per kg, with a trading volume of 55 lots.

Similarly, the oil for delivery in April moved up by Rs 2, or 0.44 per cent, to Rs 522.50 per 10 kg, with a business turnover of 75 lots, while March contract inched up by Rs 1.50, or 0.29 per cent, to Rs 520.60 per 10 kg, with a trade volume of 69 lots.

Analysts said fresh buying by speculators on hopes of pick up in demand in the spot market, mainly led to rise in crude palm oil prices at futures market.

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First published on: 17-03-2011 at 13:21 IST
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