Palm oil up 0.4% on rising demand

Crude palm oil remained up for the second day and prices added 0.43% to Rs 565.40 per 10 kg in futures market today as speculators engaged in enlarging positions, tracking a firm trend at spot market on pick up in demand.

At the Multi Commodity Exchange, crude palm oil for delivery in May gained Rs 2.40, or 0.43%, to Rs 565.40 per 10 kg in business turnover of 25 lots.

Similarly, the oil for delivery in April edged up by Rs 2.30, or 0.40%, to Rs 572.50 per 10 kg in 105 lots.

Analysts said rising demand in the spot markets mainly influenced crude palm oil prices as speculators enlarged positions.