Palm oil up 0.4% as demand picks up

Crude palm oil prices rose by 0.44% to Rs 591.20 per 10 kg in futures trade as speculators indulged in creating fresh positions following a pick up in demand in the spot market.

At the Multi Commodity Exchange, crude palm oil for delivery in March rose by Rs 2.60, or 0.44%, to Rs 591.20 per 10 kg in business turnover of 27 lots.

Similarly, the oil for delivery in April traded higher by the same margin to Rs 592.90 per 10 kg in 85 lots.

Analysts said speculators created fresh positions after demand in the spot market picked-up and that helped crude palm oil prices to trade higher at futures trade.