Palm oil up 0.7% on rise in demand

Oil for delivery in September moved up by 0.1%

Crude palm oil futures prices rose by Rs 2.90 to Rs 429.70 per 10 kg today as speculators created fresh positions on hopes of rise in spot demand.

At the Multi Commodity Exchange crude palm oil for October rose by Rs 2.90, or 0.67%, to Rs 429.70 per 10 kg, with a trading volume of 98 lots.

Similarly, the oil for delivery in September moved up by 0.50 paise, or 0.11%, to Rs 436.50 per 10 kg, with a business volume of 200 lots.

Analysts said speculators creating fresh positions on hopes of rise in spot demand mainly led to rise in crude palm oil prices at futures trade.