Crude palm oil up 0.5% on pickup in demand

Crude palm oil prices edged up by Rs 2.60 or 0.47% to Rs 555.40 per 10 kg in futures trading today as participants created fresh positions, driven by pickup in demand in the spot market.

Besides, a firm trend in the global market also added support to crude palm oil prices' uptrend.

At the Multi Commodity Exchange, crude palm oil for delivery in September rose by Rs 2.60, or 0.47% to Rs 555.40 per 10 kg in a business turnover of 219 lots.

On similar lines, the oil for delivery in August contracts traded higher by Rs 1.50, or 0.26% to Rs 564 per 10 kg in 85 lots.
 
Analysts attributed rise in crude palm oil prices at futures trade to building up of positions by speculators, driven by pick up in demand in the spot market against restricted supplies from overseas markets.