Palm oil up 0.7% on rising demand

Oil for delivery in September traded higher by 0.53%

Crude palm oil prices moved up by 0.68% to Rs 519.70 per 10 kg in futures trade today as speculators enlarged positions amid a firm trend at spot market on rising demand.

Tight stocks position in the physical market on restricted arrivals from producing regions also supported the uptrend.

At the Multi Commodity Exchange, crude palm oil for delivery in August rose by Rs 3.50, or 0.68%, to Rs 519.70 per 10 kg in a business turnover of 175 lots.

Similarly, the oil for delivery in September traded higher by Rs 2.70, or 0.53%, to Rs 510.80 per 10 kg in 10 lots.
 
Analysts said besides rising demand in the spot market, restricted arrivals from producing regions mainly influenced crude palm oil prices at futures trade.