Palm oil up 0.3% on spot demand

Oil for delivery in November edged up by 0.32%

Crude palm oil remained higher for the second day and prices added another 0.34% to Rs 442 per 10 kg in futures trade today as speculators enlarged positions on the back of rising demand in the spot market.

At the Multi Commodity Exchange, crude palm oil for delivery in October added Rs 1.50, or 0.34% to Rs 442 per 10 kg in business turnover of 112 lots.

Similarly, the oil for delivery in November edged up by Rs 1.40, or 0.32% to Rs 443.90 per 10 kg in 20 lots.

Analysts attributed the rise in crude palm oil futures to rising demand in the spot market in view of festive season against restricted arrivals from producing belts.