Crude palm oil marginally up on spot demand

Firming global trend also influenced prices

Crude palm oil prices edged up by Rs 2.50 to Rs 563.40 per 10 kg in futures trade today as speculators created fresh positions on expectations of pick-up in spot market demand.

A firming global trend also influenced crude palm oil prices at futures trade here.

On the Multi Commodity Exchange, crude palm oil for the August delivery rose by Rs 2.50, or 0.44%, to Rs 563.40 per kg, with a trading volume of 603 lots.

The July contract moved up by Rs 2.30, or 0.41%, to Rs 561.60 per 10 kg, with a business turnover of 387 lots.

Analysts said fresh buying by speculators on hopes of pick-up in spot market demand and a firming trend overseas, mainly led to a rise in crude palm oil prices at futures market.