Palm oil up 0.3% on uptick in demand

Crude palm oil prices rose by 0.26% to Rs 523.80 per 10 kg in futures trade today as participants built up fresh positions after demand picked up in the spot market.

Moreover, restricted supplies from producing regions also added support to crude palm oil prices' uptrend.

At Multi Commodity Exchange, crude palm oil for delivery in current month rose by Rs 1.40 or 0.26% to Rs 523.80 per 10 kg in a business turnover of 32 lots.

Similarly, the oil for delivery in August gained Re one, or 0.20% to Rs 500.70 per 10 kg in 341 lots.

Analysts said fresh positions created by participants, supported by pick-up in demand in the spot market against restricted supplies from producing belts, mainly led to the rise in crude palm oil prices at futures trade.