Palm oil up 0.8% on rising demand

Oil for delivery in May traded higher by 0.56%

Continuing its rising streak for the fifth day, crude palm oil prices advanced 0.82 per cent to Rs 453.40 per 10 kg in futures trade today as speculators engaged in enlarging positions, tracking a firm trend at spot market.

At Multi Commodity Exchange, crude palm oil for delivery in June gained Rs 3.70, or 0.82 per cent, to Rs 453.40 per 10 kg in business turnover of 399 lots.

Similarly, the oil for delivery in May traded higher by Rs 2.50, or 0.56 per cent, to Rs 450.80 per 10 kg in 605 lots.

Analysts said speculators' enlarged positions on the back of rising demand in the spot market mainly kept crude palm oil prices higher at futures trade.