Crude palm oil edges higher on pick up in demand

Crude palm oil prices moved up by 0.24% to Rs 508.30 per 10 kg in futures trade today as speculators built fresh positions due to pick up in demand in the spot market.

At the Multi Commodity Exchange, crude palm oil for delivery in July rose by Rs 1.20 or 0.24% to Rs 508.30 per 10 kg in a business turnover of 30 lots.

Similarly, the oil for delivery in June contracts edged up by 40 paise or 0.08% to Rs 509.60 per 10 kg in 24 lots.

Analysts said fresh positions created by participants on the back of pick up in demand in the spot market against restricted supplies from producing belts mainly led to the rise in crude palm oil prices at futures trade.