Palm oil up 3.9% as demand picks up

Oil for delivery in February up by 3.98%

Crude palm oil prices rose by 3.99% to Rs 471.30 per 10 kg in futures trading today as speculators indulged in creating fresh positions supported by pick up in demand in the spot market amid a firming trend overseas.

At the Multi Commodity Exchange, crude palm oil for delivery in January -2015 rose by Rs 18.10, or 3.99%, to Rs 471.30 per 10 kg in business turnover of 1,185 lots.

Likewise, the oil for delivery in February up by Rs 18.30, or 3.98%, to Rs 477.30 per 10 kg in 274 lots.

Analysts said speculators creating fresh positions driven by pick up in demand in the spot market and a firming trend in the global market mainly led to rise in crude palm oil prices at futures trade.