Crude palm oil up 0.2% on rising demand

Widening of positions by traders on the back of rising demand in the spot market helped prices

Rising for the second straight day, crude palm oil prices rose further by 0.20% to Rs 489.50 per 10 kg in futures trade today as participants enlarged positions.

At the Multi Commodity Exchange, crude palm oil for delivery in far-month March edged up by Re 1, or 0.20% to Rs 489.50 per 10 kg in a business turnover of 143 lots.

Likewise, the oil for delivery in February inched up by 60 paise, or 0.12% to Rs 482.50 per 10 kg in 121 lots.

Analysts said widening of positions by traders on the back of rising demand in the spot market against restricted supplies from producing belts kept crude palm oil prices higher at futures trade.