Crude palm oil rises by 0.4% as demand picks up

Crude palm oil prices edged up by 0.41% to Rs 460.60 per 10 kg in futures market today as speculators created fresh positions amid rising domestic demand and restricted supplies from producing belts.

At the Multi Commodity Exchange, crude palm oil for delivery in March rose by Rs 1.90, or 0.41%, to Rs 460.60 per 10 kg in a business turnover of 50 lots.

Likewise, the oil for delivery in February rose by Re 1, or 0.22%, to Rs 453.80 per 10 kg in seven lots.

Analysts said speculative positions built up by participants after demand picked up in spot market mainly led to the rise in crude palm oil prices at futures trade.