Crude palm oil up marginally on pick up in demand

May, June contracts gain about 0.6% each as traders create fresh positions

Crude palm oil traded a shade higher at Rs 550.50 per 10 kg in futures market today as speculators created fresh positions amid pick-up in demand in spot markets.

At the Multi Commodity Exchange, crude palm oil for June delivery rose by Rs 3.70, or 0.67 per cent, making it Rs 550.50 per kg, with a trading volume of 136 lots.

Similarly, the oil for delivery in May went up by Rs 3.60, or 0.65 per cent, to Rs 553 per 10 kg, with a business turnover of 129 lots.

Analysts said fresh positions created by speculators following pick-up in demand in spot markets led to a rise in crude palm oil prices at futures market.