Crude palm oil up by 0.7% on pick-up in demand

Crude palm oil futures gained 0.68% to Rs 483.50 per 10 kg in futures trading today as participants created fresh positions, driven by pick-up in demand at the spot market.

Besides, restricted supplies from producing belts fuelled the uptrend.

At the Multi Commodity Exchange, crude palm oil for March delivery rose by Rs 3.30, or 0.68%, to Rs 483.50 per 10 kg, in a business turnover of 163 lots.

Also, the oil for delivery in February was up by Rs 2.50, or 0.52%, to Rs 479.30 per 10 kg in 45 lots.

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