Palm oil up 1.9% on high demand

Oil for delivery in September moved up by 1.39%

Crude palm oil futures prices were up by 1.94% to Rs 444.80 per 10 kg in futures trade today as speculators created fresh positions on hopes of higher demand ahead of festive season.

At the Multi Commodity Exchange crude palm oil for October rose by Rs 8.70, or 1.94%, to Rs 455.80 per 10 kg, with a trading volume of 746 lots.

Similarly, the oil for delivery in September moved up by Rs 6.40, or 1.39%, to Rs 464.70 per 10 kg, with a business volume of 96 lots.

Analysts said speculators creating fresh positions on hopes of rise in spot demand ahead of festivals like Dussehra and Diwali, mainly led to rise in crude palm oil prices at futures trade.