Crude palm oil prices shot up by Rs 5.10 to Rs 429.80 per 10 kg in futures trade today as speculators indulged in creating fresh positions on expectations of a rise in demand in the spot markets due to ongoing festive season.
Firming trend in overseas market influenced the crude palm oil prices at futures market.
At the Multi Commodity Exchange, crude palm oil for October rose by Rs 5.10, or 1.20%, to Rs 429.80 per 10 kg, with trading volume of 156 lots.
The November contract moved up by Rs 4.90, or 1.13%, to Rs 436.90 per 10 kg, with a business volume of 484 lots.
Marketmen said fresh positions created by speculators on hopes of a pick up in demand in the spot market due to ongoing festive season, led to the rise in crude palm oil at futures market.
A firming global trend affected the market sentiment, they added.
Meanwhile, the contract for January delivery climbed 0.30% to 2,585 ringgit ($847) a tonne on the Malaysia Derivatives Exchange.
