NEW DELHI: Crude palm oil traded a shade higher in futures trade today at Rs 498.80 per 10 kg as speculators created fresh positions amid pick-up in demand in spot markets. On the Multi Commodity Exchange, crude palm oil for June delivery rose by Rs 3.60, or 0.72 per cent, to Rs 498.80 per kg, with a trading volume of 223 lots. Similarly, oil for delivery in July went up by Rs 3, or 0.60 per cent, to Rs 499.50 per 10 kg, with a business turnover of 274 lots. Analysts said fresh positions created by speculators following pick-up in demand in spot markets and a firming trend overseas, mainly led to a rise in crude palm oil prices at futures market. Meanwhile, in Malaysia, palm oil advanced, extending the longest weekly rally in 14 months, on speculation that official data later today may show that inventories in Malaysia dropped for a fifth month. Prices for August delivery climbed 0.50 per cent to 2,470 ringgit ($ 791) a tonne on the Malaysia Derivatives Exchange.

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