Crude palm oil edges higher on spot demand

Speculators enlarge positions on tight stock position following lower arrivals from key producing areas

Crude palm oil prices went up by 0.17 per cent to Rs 522 per 10 kg in futures trade today as speculators enlarged positions on pick-up in demand in the spot market.

Tight stocks position in the physical market following restricted arrivals from producing regions also supported the uptrend.

At the Multi Commodity Exchange, crude palm oil for delivery in August traded higher by 90 paise, or 0.17 per cent, to Rs 522 per 10 kg in a business turnover of 6 lots.

The July contract edged up by 60 paise, or 0.11 per cent, to Rs 524.50 per 10 kg in 20 lots.
 
Analysts said the rise in crude palm oil prices in futures trade was mainly due to pick-up in demand in the spot market against tight supplies from producing regions.