Palm oil up 0.2% on pick-up in demand

Analysts said speculative positions built-up by participants after pick-up in spot market demand mainly led to the rise

Crude palm oil prices moved up by 0.21% to Rs 583.50 per 10 kg in futures trading today as participants created speculative positions after pick-up in demand in the spot markets.

At the Multi Commodity Exchange, crude palm oil for delivery in February rose by Rs 1.20, or 0.21%, to Rs 583.50 per 10 kg in a business turnover of 97 lots.

Similarly, the oil for delivery in March traded higher by the same margin to Rs 582.20 per 10 kg in 262 lots.

Analysts said speculative positions built-up by participants after pick-up in spot market demand mainly led to rise in crude palm oil prices at futures trade.