Palm oil up 0.5% on pick-up in demand

Oil for delivery in December edged up by 0.35%

Crude palm oil prices moved up by 0.47% to Rs 452.30 per 10 kg in futures trade today as speculators created fresh positions amid pick-up in demand in spot markets against tight supplies from producing regions.

At the Multi Commodity Exchange, crude palm oil for delivery in November traded higher by Rs 2.10, or 0.47%, to Rs 452.30 per 10 kg in a business turnover of 24 lots.

Similarly, the oil for delivery in December edged up by Rs 1.60, or 0.35%, to Rs 458 per 10 kg in 21 lots.

Analysts attributed the rise in crude palm oil futures to pick-up in demand in the spot market against tight supplies from producing belts.