Palm oil up 0.5% as demand picks up

Crude palm oil prices rose by 0.53% to Rs 568.10 per 10 kg in futures trade today as speculators indulged in creating fresh positions supported by pick up in demand in the spot market.

At the Multi Commodity Exchange, crude palm oil for delivery in April rose by Rs 3, or 0.53%, to Rs 568.10 per 10 kg in business turnover of 78 lots.

Likewise, the oil for delivery in May higher by Rs 2.90, or 0.51%, to Rs 565.10 per 10 kg in 67 lots.

Analysts said the rise in crude palm oil prices was mostly supported by fresh positions created by speculators following rising demand int he spot markets.