Crude palm oil marginally up on higher demand

September contract rises 0.12%

Crude palm oil futures prices today edged up by 0.12% to Rs 570 per 10 kg after participants built up positions, supported by a rise in the spot demand.

At the Multi Commodity Exchange, crude palm oil for delivery in September traded a shade higher by 70 paise, or 0.12%, to Rs 570 per 10 kg in business turnover of 340 lots.

The August contract edged up by 50 paise, or 0.09%, to Rs 570.50 per 10 kg in 357 lots.

Analysts said increased buying by speculators on the back of a pick up in the spot demand supported by the festive season, helped crude palm oil prices to trade higher at the futures market.