Palm oil rise 0.5% as demand picks up

Speculators take fresh positions as spot market picks up

Crude palm oil prices rose by Rs 2.50 to Rs 450.30 per 10 kg in futures trade today mostly supported by a rise in demand in the spot market.

At the Multi Commodity Exchange, crude palm oil for delivery in December rose by Rs 2.50, or 0.56 per cent, to Rs 450.30 per 10 kg, with a business turnover of 1,122 lots.

The November contract edged up by Rs 2.30, or 0.52 per cent, to Rs 444.80 per 10 kg, with a business turnover of 875 lots.

Marketmen said fresh buying by speculators on the back of pick-up in spot demand mainly led to a rise in crude palm oil at futures trade.