Palm oil up 0.3% as demand picks up

Oil for delivery in July contract gained 0.24%

Crude palm oil prices edged higher by 0.31% to Rs 520.50 per 10 kg in futures trade today as speculators created positions amidst pick-up in demand in the spot market.

At the Multi Commodity Exchange, crude palm oil for delivery in August moved up by Rs 1.60, or 0.31%, to Rs 520.50 per 10 kg in business turnover of 7 lots.

Likewise, the oil for delivery in July contract gained Rs 1.30, or 0.24%, to Rs 535.20 per 10 kg in 11 lots.

Analysts said the rise in crude palm oil prices in futures trade was mostly attributed to fresh positions built-up by speculators after pick-up in demand in the spot market amid tight supplies from producing regions.