Continuing its upward journey for the fifth consecutive session, crude palm oil prices rose by Rs 4.60 to Rs 516 per 10 kg in futures trade today as speculators enlarged their positions amid tight stocks in the spot market.
Firming trend in the overseas markets and pick-up in demand at domestic spot markets also supported the rise in oil prices in futures trade.
At the Multi Commodity Exchange, crude palm oil for delivery in July rose by Rs 4.60, or 0.90% to Rs 516 per 10 kg, with a business turnover of eight lots.
Similarly, the oil for delivery in June moved up by Rs 4.60, or 0.89% to Rs 520 per 10 kg, with a business volume of 24 lots.
Crude Palm Oil prices for May delivery inched up by Rs 4.60, or 0.88% to Rs 523 per kg, with trading volume of 50 lots.
Analysts said tight stocks in the physical markets and a firming trend overseas against rising demand in the domestic market mainly pushed up crude palm oil futures prices.