Crude palm oil up by 0.5% on rising spot demand

Continuing its rising streak for the fifth straight day, crude palm oil prices gained another 0.47% to Rs 470.90 per 10 kg in futures trade today as speculators enlarged positions on the back of higher demand in the spot market.

At the Multi Commodity Exchange, crude palm oil for delivery in January month gained Rs 2.20, or 0.47% to Rs 470.90 per 10 kg in business turnover of 18 lots.

Similarly, the oil for delivery in far-month February edged higher by Rs 2.10, or 0.44% to Rs 478.90 per 10 kg in 6 lots.

Analysts said besides rising demand in the spot market, restricted supplies from producing regions mainly kept crude palm oil prices higher at futures trade.