Crude palm oil extended its upward journey for the second straight day with prices rising by Rs 1.70 to Rs 525 per 10 kg in futures market today on the back of a firming global trend.
At the Multi Commodity Exchange, crude palm oil for delivery in January added Rs 1.70, or 0.32%, to Rs 525 per 10 kg, with business turnover of 50 lots.
Similarly, the oil for delivery in February edged up by Re 1, or 0.19%, to Rs 526.80 per 10 kg, with business turnover of 160 lots.
Analysts said increased buying by traders following pick up in spot demand due to marriage season and a firming trend overseas mainly led to a rise in crude palm oil prices at futures trade.
Meanwhile, palm oil futures for April delivery climbed 0.8% to $1,026 a tonne on the Malaysia Derivatives Exchange, the highest since January 13.