Crude palm oil futures prices moved up by Rs 4.30 to Rs 517.80 per 10 kg today, as traders enlarged their positions, driven by pick-up in demand in the spot market and a firming global trend.
At the Multi Commodity Exchange, crude palm oil for delivery in December, rose by Rs 4.30, or 0.84%, to Rs 517.80 per 10 kg, with a business turnover of five lots.
Similarly, the oil for delivery in January month gained Rs 3.50, or 0.69%, to Rs 514 per 10 kg, with a trade volume of 18 lots.
Market analysts said besides increased buying by traders following pick-up in demand in the spot market due to ongoing marriage season mainly pushed up crude palm oil prices at futures market here.
They said a higher trend in overseas markets after central banks globally took steps to ease euro zone debt crisis, further boosting the market sentiment.
Meanwhile, palm oil advanced by 2% to $978 a tonne on the Malaysia Derivatives Exchange.