Crude palm oil futures edge higher on rising demand

Crude palm oil prices were up by 0.10 per cent to Rs 505.80 per 10 kg in futures market today as traders enlarged positions, taking positive cues from spot market on rising demand.

At the Multi Commodity Exchange, crude palm oil for delivery in August inched up by 50 paise, or 0.10 per cent to Rs 505.80 per 10 kg in business turnover of 22 lots.

Likewise, the oil for delivery in September contracts traded higher by a similar margin to Rs 492.10 per 10 kg in 1 lot.

Analysts said besides rising demand in the spot market, tight stocks position on restricted supplies from growing region, led to rise in crude palm oil prices at futures trade.