Palm oil up 0.3% as demand picks up

Oil for delivery in March up by 0.25%

Crude palm oil prices rose by 0.30% to Rs 590.30 per 10 kg in futures trading today as speculators indulged in creating fresh positions supported by pick-up in spot demand.

At the Multi Commodity Exchange, crude palm oil for delivery in April rose by Rs 1.80, or 0.30%, to Rs 590.30 per 10 kg in business turnover of 338 lots.

Likewise, the oil for delivery in March up by Rs 1.50, or 0.25%, to Rs 589.20 per 10 kg in 92 lots.

Analysts said fresh positions created by speculators driven by rising demand in the spot market mainly led to rise in crude palm oil prices at futures trade.