Palm oil up 0.4% on rising demand

Amid pick up in domestic demand and restricted supplies from producing regions, crude palm oil prices recovered by 0.42 per cent to Rs 427.80 per 10 kg in futures trade today.

In futures trading at the Multi Commodity Exchange, crude palm oil for delivery in January edged up Rs 1.80, or 0.42 per cent, to Rs 427.80 per 10 kg, in a business turnover of 65 lots.

Also, oil for delivery in far-month February traded higher by a similar margin to Rs 432.90 per 10 kg in 80 lots.

Market analysts said fresh positions built up by traders due to pick up in demand in the spot market against restricted supplies from producing belts, mainly led to rise in crude palm oil prices at futures trade.