Palm oil up 0.6% as demand picks up

Crude palm oil prices were up by 0.56 per cent to Rs 434 per 10 kg in futures market today amid pickup in demand and restricted supplies from producing regions.

At Multi Commodity Exchange, crude palm oil for delivery in August rose Rs 2.40, or 0.56 pr cent to Rs 434.00 per 10 kg in a business turnover of 99 lots.

Likewise, the oil for delivery in July contracts edged up by Rs 2, or 0.46 per cent to Rs 432.90 per 10 kg in 204 lots.

Analysts said speculators building up fresh positions on the back of pickup in demand at the spot market mainly influenced crude palm oil prices in futures trade.