Palm oil up 0.5% on spot demand

Analysts said speculators created fresh positions after pick up in demand in the spot market mainly led to the rise

Crude palm oil moved up by Rs 3.20 to Rs 614.50 per 10 kg in futures trading today as speculators created fresh positions supported by a rise in spot market demand.

At the Multi Commodity Exchange, crude palm oil for delivery in March rose by Rs 3.20, or 0.54% to Rs 614.50 per 10 kg in business turnover of 113 lots.

Similarly, the oil for delivery in April gained Rs 3.20, or 0.53% to Rs 611.40 per 10 kg in 353 lots.

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