14/02/2012 (Business Recorder) - Buoyed by a firming global trend, crude palm oil prices edged higher by Rs 1.20 to Rs 531.10 per ten kg in futures trading today.

At the Multi Commodity Exchange, the March contract for crude palm oil rose by Rs 1.20, or 0.23% to Rs 531.10 per ten kg in business turnover of 87 lots.

The February contract edged up by Rs 1.10, or 0.21% to Rs 523.60 per ten kg in 57 lots.

Marketmen said sentiment turned better after palm oil climbed to two-week high in global markets on speculation that stockpiles and output in Malaysia, the second-largest producer, will decline this month.

Meanwhile, palm oil for the April contract advanced 1.3% to 1,047 dollar a metric tonne on the Malaysia Derivatives Exchange, the highest since January 25.