Crude palm oil up 0.5% on spot demand

Crude palm oil prices rose by 0.46% to Rs 429.70 per 10 kg in futures market today as speculators indulged in creating fresh positions coupled with rising demand in the spot markets.

At the Multi Commodity Exchange, crude palm oil for delivery in February rose Rs 2, or 0.46%, to Rs 429.20 per 10 kg in a business turnover of 252 lots.

Similarly, oil for delivery in January edged up by Rs 1.90, or 0.45%, to Rs 421.90 per 10 kg in 159 lots.

Analysts said fresh positions built-up by speculators supported by rising demand in the spot markets, mainly led to the rise in crude palm oil prices at the futures trade.