Palm oil up 0.2% on surging demand

Extending gains for the third day, crude palm oil advanced by 0.17% to Rs 459.90 per 10 kg in futures market today as speculators enlarged their positions, supported by rising demand in the spot market.

At the Multi Commodity Exchange, crude palm oil for delivery in September moved up by 80 paise, or 0.17%, to Rs 459.90 per 10 kg in business turnover of 94 lots.

Similarly, the oil for delivery in October edged higher by 70 paise, or 0.16%, to Rs 449.50 per 10 kg in 115 lots.

Analysts said besides rising demand in the spot market, tight supplies on restricted arrivals from producing regions kept crude palm oil prices higher at futures trade for third day.