Crude palm oil futures up on fresh buying
Crude palm oil prices futures have surged up by Rs. 5.50 in today’s trading session. The futures price was recorded at Rs. 537.90 per 10 kg in futures trade today. The reason behind this hike is the fresh buying position made today.
The speculators have enlarged their positions expecting that there will be a rise in the spot demand of the commodity as well. The crude palm oil for delivery in April goes up by Rs. 5.50 and was traded at Rs. 537.90 per 10 kg which is almost a hike of 1.03 per cent from its previous close. Oil price for the delivery in February has seen equal improvement. It has gained Rs. 5.10, or 0.96 per cent, to Rs. 535.80 per 10 kg. There has been an open interest of one lot in February contract.
Market analysts have reported that speculators have surged the price of the commodity. Anticipation of pick up in spot market has made fresh buying position in the derivative market.
However, after the rise in crude oil price, the precious metals like gold and silver have declined from their all-time high levels.