Palm oil up 0.3% as demand picks up

Oil for delivery in July gained 0.26%

Crude palm oil prices rose 0.33 per cent to Rs 450.80 per 10 kg in futures trading today after speculators created positions, triggered by rising demand in spot market.

In futures trading at the Multi Commodity Exchange, crude palm oil for delivery in June rose by Rs 1.50, or 0.33 per cent, to Rs 450.80 per 10 kg in a business turnover of 152 lots.

In a similar fashion, the oil for delivery in July gained Rs 1.20, or 0.26 per cent, to Rs 449.80 per 10 kg in 241 lots.

Analysts said fresh positions built-up by speculators after demand picked up in the spot market, mainly influenced crude palm oil prices at futures trade.