Palm oil up 0.8% as demand picks up

Oil for delivery in February up by 0.63%

Crude palm oil prices up by 0.82% to Rs 587.80 per 10 kg in futures trading after participants created speculative positions following rising demand in the spot markets.

At the Multi Commodity Exchange, crude palm oil for delivery in March rose by Rs 4.80, or 0.82%, to Rs 587.80 per 10 kg in business turnover of 112 lots.

Likewise, the oil for delivery in February up by Rs 3.70, or 0.63%, to Rs 588.90 per 10 kg in 12 lots.

Analysts said speculative positions built-up by participants driven by pick-up in spot demand mainly led to rise in crude palm oil prices at futures trade.