Crude palm oil futures prices rose further by Rs 7.10 to Rs 530 per 10 kg today, as speculators created fresh positions on the back of a firm trend in spot market amid low stocks.
A firm trend in overseas markets also influenced the crude palm oil futures prices.
On the Multi Commodity Exchange, crude palm oil for delivery in May rose by Rs 7.10, or 1.35%, to Rs 530 per kg, with a trading volume of 18 lots.
Similarly, the oil for delivery in April surged Rs 6.30, or 1.20%, to Rs 528 per 10 kg, with a business volume of 107 lots, while prices for delivery in current month March went up by Rs 6.20, or 1.19%, to Rs 526.50 per 10 kg in 48 lots.
Analysts said fresh buying by speculators on pick up in demand in the spot market, against restricted arrivals from overseas markets mainly led to the rise in crude palm oil futures prices.