Crude palm oil futures prices today rose over one% to Rs 501.70 per 10 kg as speculators created fresh positions on the back of rising demand in spot market coupled with a firming trend overseas.
On the Multi Commodity Exchange, crude palm oil prices for July delivery rose by Rs 5.20, or 1.04%, to Rs 501.70 per 10 kg, with a trading volume of 271 lots.
Similarly, palm oil prices for delivery in August moved up by Rs 5.10, or 1.02%, to Rs 502.40 per 10 kg, with a business turnover of 113 lots.
Analysts said the rise in crude palm oil prices at futures trade was mostly attributed to fresh positions created by speculators on rising demand in spot market and a firming trend overseas.
Globally, palm oil prices advanced to 0.80% to $740 a tonne on the Malaysia Derivatives Exchange after crude surged above $100 a barrel for the first time since September, boosting demand for vegetable oils as biofuel feedstock.
