Palm oil up on 0.3% rising demand

Analysts say speculative positions created by participants on rising demand influenced futures prices

Supported by rising demand in spot markets, crude palm oil continued to rise by adding Rs 2 Rs 573.60 per 10 kg in futures trading today.

At the Multi Commodity Exchange, crude palm oil for delivery in July gained Rs 2, or 0.35%, to Rs 573.60 per 10 kg, with a business turnover of 93 lots.

The August contract traded higher by Rs 1.70, or 0.30%, to Rs 576.20 per 10 kg in 608 lots.

Market analysts said speculative positions created by participants driven by rising demand in the market mainly influenced crude palm oil prices at futures trade here.