Palm oil rises 0.3% on spot demand

Crude palm oil prices rose by Rs 1.60 to Rs 554 per 10 kg in futures trade today on speculators increasing their positions driven by pick-up in demand in the spot market.

At the Multi Commodity Exchange, crude palm oil for delivery in April gained Rs 1.60, or 0.29% to Rs 554 per 10 kg in business turnover of 164 lots.

The March contract traded higher by Rs 1, or 0.18%, to Rs 548.10 per 10 kg in 185 lots.

Market analysts attributed to rise in crude palm oil futures to pick-up in demand in the spot market.