Palm oil up 0.6% on spot demand

Oil for delivery in October edged higher by 0.59%

Amid rising spot market demand, crude palm oil futures traded higher by 0.66% to Rs 440.50 per 10 kg today as speculators enlarged positions.

On the Multi Commodity Exchange, crude palm oil for delivery in September rose by Rs 2.90, or 0.66% to Rs 440.50 per 10 kg in business turnover of 81 lots.

Similarly, the oil for delivery in October edged higher by Rs 2.50, or 0.59% to Rs 425.60 per 10 kg in 66 lots.

Analysts said fresh positions built-up by speculators driven by rising spot market demand mainly supported the upside in crude palm oil prices at futures trade.