Palm oil up 0.3% on rise in demand

Oil for delivery in August edged up by 0.21%

Crude palm oil futures traded higher by 0.25% to Rs 527.60 per 10 kg today as speculators enlarged positions on upsurge in demand in the spot market.

At the Multi Commodity Exchange, crude palm oil for delivery in July moved up by Rs 1.30, or 0.25%, to Rs 527.60 per 10 kg in a business turnover of 136 lots.

Similarly, the oil for delivery in August edged up by Rs 1.10, or 0.21%, to Rs 525.60 per 10 kg in 14 lots.

Analysts said the rise in crude palm oil prices in futures trade was mostly influenced by rise in demand in the spot market against tight supplies from producing regions.