Palm oil up 0.4% on spot demand

Analysts said speculators created fresh positions after pick up in demand in the spot market led to rise in the oil prices

Crude palm oil prices gained 0.47% to Rs 581.50 per 10 kg in futures market today as speculators created fresh positions after pick-up in demand in the spot market.

At the Multi Commodity Exchange, crude palm oil for delivery in April rose by Rs 2.70, or 0.47% to Rs 581.50 per 10 kg in business turnover of 251 lots.

Likewise, the oil for delivery in March gained Rs 2.30, or 0.40% to Rs 580.50 per 10 kg in 17 lots.

Analysts said speculators created fresh positions after pick up in demand in the spot market mainly led to rise in crude palm oil prices at futures trade.