Crude palm oil up 0.5% as demand picks up

Oil for delivery in December traded higher by 0.4%

Crude palm oil gained 0.51% to Rs 554 per 10 kg in futures trade today as speculators created fresh positions supported by pick up in demand in the spot market.

At the Multi Commodity Exchange, crude palm oil for delivery in January gained Rs 2.80, or 0.51%, to Rs 554 per 10 kg in business turnover of 133 lots.

Similarly, the oil for delivery in December traded higher by Rs 1.20, or 0.40% to Rs 552 per 10 kg in 75 lots.

Analysts said fresh positions created by speculators on pick up in demand in the spot market mainly led to rise in crude palm oil prices at futures trade.