Crude palm oil traded marginally higher by Rs 5.70 to Rs 518.80 per 10 kg in futures trade today, on pick-up in demand in the spot market amid firming global trend.
At the Multi Commodity Exchange, crude palm oil for delivery in December rose by Rs 5, or 1.11%, to Rs 518.80 per 10 kg, with a trading volume of 52 lots.
Likewise, the oil for delivery in January delivery higher by Rs 2.70, or 0.52%, to Rs 519.80 per 10 kg, with a business volume of 13 lots, while February delivery prices edged up by Rs 2.70, or 0.51%, to Rs 525 per 10 kg in 15 lots.
Market analysts said apart from a firming trend overseas, pick-up in the demand at domestic spot markets also helped crude palm oil futures prices to trade marginally higher.
Meanwhile, palm oil for the February contract gained as much as 0.7% to 3,106 ringgit ($993) a tonne on the Malaysia Derivatives Exchange on speculation that a seasonal decline in production will pare stockpiles and European leaders will agree on steps to ease the region's debt crisis at a summit tomorrow, boosting demand for commodities.