Palm oil up 0.1% as demand picks up

Amidst pick up in spot demand, crude palm oil rose marginally by 0.08% to Rs 508 per 10 kg in futures trade as speculators created fresh positions.

At the Multi Commodity Exchange, crude palm oil for delivery in June edged up by Rs 40 paise, or 0.08%, to Rs 508 per 10 kg in business turnover of 95 lots.

Oil for delivery in July contracts rose by a similar margin at Rs 504.40 per 10 kg in 41 lots.

Analysts said fresh positions created by speculators after pick-up demand in the spot market mainly led to the rise in crude palm oil prices in futures trade.