Palm oil up 0.8% on rising demand

Oil for delivery in August edged up by 0.78%

Crude palm oil prices were up by 0.82% to Rs 524.40 per 10 kg in futures market today as speculators enlarged their positions, driven by rising demand in the spot markets.

At the Multi Commodity Exchange, crude palm oil for delivery in July moved up by Rs 4.30, or 0.82%, to Rs 524.40 per 10 kg in business turnover of 153 lots.

Similarly, the oil for delivery in August edged up by Rs 4, or 0.78%, to Rs 515.50 per 10 kg in 117 lots.

Market analysts said fresh positions created by speculators following rising demand in the spot markets, mainly influenced crude palm oil prices at futures trade.