Palm oil up on spot demand

Crude palm oil prices rose Rs 2.30 to Rs 549.90 per 10 kg in futures trading today as speculators enlarged their positions, driven by pick up in demand in the spot market.

At the Multi Commodity Exchange, crude palm oil for delivery in March rose Rs 2.30, or 0.42%, to Rs 549.90 per 10 kg in business turnover of 104 lots.

The April contract gained Rs 2.20, or 0.39% to Rs 559.70 per 10 kg in 138 lots.

Market analysts attributed to rise in crude palm oil futures to pick up in demand in the spot market.