Supported by a firming trend overseas and rising spot demand, crude palm oil prices up by Rs 12.10 to Rs 513.90 per 10 kg in futures trade today as speculators enlarged positions.
At the Multi Commodity Exchange, crude palm oil for delivery in September rose by Rs 12.10, or 2.41%, to Rs 513.90 per 10 kg, with a business turnover of 170 lots.
Oil prices for August contract increased by Rs 9.80, or 1.92%, to Rs 518.40 per 10 kg with a volume of 471 lots.
Market analysts said fresh buying by traders, influenced by a firming global trend mainly helped crude palm oil prices to trade higher at futures trade.
In Malaysia, palm oil gained 1.60% to $712 a metric tonne after palm oil headed for the biggest weekly gain in 32 months as soybeans rallied on concern that the US, the largest grower of the oilseed crushed to make an alternative oil, may harvest a smaller crop than forecast.
