Palm oil up 0.5% on spot demand

Oil for delivery in February edged up by 0.4%

Crude palm oil prices moved up by 0.57% to Rs 533 per 10 kg in futures market today as speculators indulged in creating fresh positions after pick up in demand in the spot market.

At the Multi Commodity Exchange, crude palm oil for delivery in January moved up by Rs 3, or 0.57%, to Rs 533 per 10 kg in a business turnover of 55 lots.

Similarly, oil for delivery in February edged up by Rs 2.30, or 0.44%, to Rs 528 per 10 kg in 55 lots.

Analysts said speculators indulged in creating fresh positions after pick up in demand in the spot market which mainly led to rise in crude palm oil prices at futures trade.