Crude palm oil futures rise on strong demand

Crude palm oil futures showed a positive trend on MCX as investors enlarged their holdings on strong demand. Trading Sentiments improved further as India's palm oil imports rose 35% in March, snapping a two-month losing streak as buyers built stocks after overseas purchases hit a near three-year low in the previous month. Moreover, the prices found some support on speculation that a rally in crude oil prices in international market to the highest level in more than six-week will boost demand for the vegetable oil as feedstock for biofuels. The contract for April delivery was trading at Rs 562.00/10Kg, up by 0.25% or Rs 1.40 from its previous closing of Rs 560.60 /10 Kg. The open interest of the contract stood at 2602.00 lots. The contract for May delivery was trading at 558.30 /10Kg, up by 0.29% or Rs 1.60 from its previous closing of Rs 556.70/10 Kg. The open interest of the contract stood at 3559.00 lots on MCX.