Crude palm oil rises 0.16% as demand picks up

Traders create fresh positions on positive sentiment

Crude palm oil prices were up by 0.16 per cent to Rs 511.90 per 10 kg in futures trade today as speculators created positions amid pick up in domestic demand.

At the Multi Commodity Exchange, crude palm oil for delivery in September edged higher by 80 paise, or 0.16 per cent to Rs 511.90 per 10 kg in business turnover of 69 lots.

The August contract edged up by 40 paise, or 0.08 per cent to Rs 518.90 per 10 kg in 782 lots.

Analysts said the rise in crude palm oil prices in futures trade was mostly attributed to fresh positions built-up by speculators on the back of rising demand in the spot market.