Crude palm oil maintains upward trend on strong demand

Continuing its winning run for the fifth day, crude palm oil prices edged up by 0.12 per cent to Rs 492 per 10 kg in futures trade today as speculators enlarged in building of positions, tracking a firm trend at spot market on rising demand.
Furthermore, tight stocks position on fall in arrivals from producing regions supported the uptrend.
At the Multi Commodity Exchange, crude palm oil for delivery in June edged higher by 60 paise, or 0.12 per cent to Rs 492 per 10 kg in business turnover of 56 lots.
In a similar fashion, the oil for delivery in May month contracts was up by 50 paise, or 0.10 per cent to Rs 503.80 per 10 kg in 72 lots.

Analysts said widening of positions by participants due to rising demand in the spot market, mainly kept crude palm oil prices higher at futures trade.