Crude palm oil up 0.5% on rising spot demand

Crude palm oil remained higher for the second straight day and prices rose 0.56% to Rs 555.30 per 10 kg in futures trading today as speculators enlarged positions following rising demand in the spot market.

At the Multi Commodity Exchange, crude palm oil for delivery in January added Rs 3.10, or 0.56% to Rs 555.30 per 10 kg in business turnover of 176 lots.

Likewise, the oil for delivery in December gained Rs 2.80, or 0.51% to Rs 552.50 per 10 kg in 162 lots.

Analysts attributed the rise in crude palm oil at futures trade to rising demand at spot markets and creation of increased positions by participants.