Crude palm oil rises by 0.5% as demand picks up

Crude palm oil futures moved up by 0.54% to Rs 461.80 per 10 kg today as speculators created fresh positions after pick up in demand in the spot market.

Also, tight stocks position on limited arrivals from producing belts, fuelled the uptrend.

At the Multi Commodity Exchange, crude palm oil for delivery in April gained Rs 2.50, or 0.54%, to Rs 461.80 per 10 kg in business turnover of 72 lots.

Similarly, the oil for delivery in March edged up by Rs 1.30, or 0.29%, to Rs 456.30 per 10 kg in 88 lots.

Analysts attributed the rise in crude palm oil futures to pick up in demand in the spot market against restricted supplies from producing belts.