Palm oil up 1.3% on spot demand

Supported by rising spot demand, crude palm oil prices were up by 1.29% to Rs 405.40 per 10 kg in futures trade today.

At the Multi Commodity Exchange crude palm oil for November rose Rs 5.20, or 1.29%, to Rs 405.40 per 10 kg, with a trading volume of 371 lots.

Similarly, the oil for delivery in December moved up by Rs 4.60, or 1.13%, to Rs 411.10 per 10 kg, with a business volume of 84 lots.

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