Palm oil up 0.9% as demand picks up

Oil for delivery in June gained 0.94%

Crude palm oil prices rose 0.98% to Rs 524.50 per 10 kg in futures trading today after speculators built-up positions amid rising demand in spot market.

At the Multi Commodity Exchange, crude palm oil for delivery in July rose by Rs 5.10, or 0.98%, to Rs 524.50 per 10 kg in a business turnover of 77 lots.

In a similar fashion, the oil for delivery in June gained Rs 4.80, or 0.94%, to Rs 527.80 per 10 kg in 31 lots.

Analysts said fresh positions built-up by speculators after demand picked up in the spot market amid restricted supplies influenced crude palm oil prices at futures trade.