Palm oil up 0.8% on spot demand

Oil for delivery in February edged up by 0.66%

Crude palm oil prices moved up by 0.82% to Rs 462 per 10 kg in futures market today as speculators indulged in creating fresh positions after demand piecked up in spot market.

At the Multi Commodity Exchange, crude palm oil for delivery in January rose Rs 3.80, or 0.82%, to Rs 462 per 10 kg in a business turnover of 113 lots.

Similarly, oil for delivery in February edged up by Rs 3.10, or 0.66%, to Rs 468.50 per 10 kg in 56 lots.

Analysts said speculators indulged in creating fresh positions supported by rising demand in the spot market which mainly led to rise in crude palm oil prices at futures trade.