Crude palm oil prices rose by Rs 3.80 to Rs 420 per 10 kg in futures trade today as speculators indulged in creating fresh positions on hopes of a rise in demand in the spot market for the festive season.
A firming trend in overseas markets also influenced crude palm oil prices in the futures market.
At the Multi Commodity Exchange, the November contract rose by Rs 3.80, or 0.91%, to Rs 420 per 10 kg, with a trading volume of 365 lots.
The October contract moved up by Rs 1.30, or 0.31%, to Rs 413.80 per 10 kg, with a business volume of 279 lots.
Marketmen said fresh buying by speculators on hopes of a pick-up in demand in the spot market mainly led to the rise in crude palm oil prices in the futures market.
They said a firming trend in overseas markets also supported the uptrend to some extent.
Meanwhile, the oil gained 2.7% at $791 a tonne on the Malaysia Derivatives Exchange.
