Crude palm oil up on hopes of pick up in demand

Crude palm oil rose by Rs 5 to Rs 561 per 10 kg in futures trade today, as speculators created fresh positions on hopes of a rise in domestic demand.

At the Multi Commodity Exchange platform, crude palm oil for April rose by Rs 5, or 0.90 per cent to Rs 561.00 per 10 kg, with a business turnover of two lots.

Similarly, the oil for delivery in January-month gained Rs 1.10, or 0.20 per cent to Rs 544.20 per 10 kg, with a business turnover of single lot.

Market analysts said fresh buying by speculators on expectations of pick up in demand in the spot market, led to a rise in crude palm oil at futures market.