Crude palm oil prices were up by 1.66% to Rs 611.60 per 10 kg in futures trading today as participants created speculative positions following rising demand in the spot markets amid firming trend in overseas markets.
At the Multi Commodity Exchange, crude palm oil for delivery in March rose by Rs 10, or 1.66%, to Rs 611.60 per 10 kg in a business turnover of 244 lots.
Likewise, the oil for delivery in April was up by Rs 7.70, or 1.28%, to Rs 607 per 10 kg in 196 lots.
Analysts said speculative positions built-up by participants following pick-up in spot demand and firming trend in overseas markets mainly led to rise in crude palm oil prices at futures trade.
Globally, palm oil for delivery in May jumped 2.10% to trade at over 17 months high at 2,860 ringgit ($873) a tonne on the Bursa Malaysia Derivatives Exchange on speculation that dry weather in the main palm and soybean growing areas may weaken prospects for global oil production.
