Tracking a firm global trend, crude palm oil prices rose by Rs 5.80 to Rs 426.90 per 10 kg in futures trading today as speculators created fresh positions.
Sentiment bolstered after palm oil advanced in global markets on speculation that deepening discount to soybean oil will attract buyers and that Indonesia and Malaysia, the biggest producers, will take steps to support prices.
At the Multi Commodity Exchange, crude palm oil for delivery in November rose by Rs 5.80, or 1.38%, to Rs 426.90 per 10 kg, with a business turnover of 244 lots.
The October contract moved up by Rs 5.40, or 1.29%, to Rs 423.40 per 10 kg, with an open interest of 152 lots.
Marketmen said fresh buying by speculators in tandem with a firm global trend led to the rise in crude palm oil prices at futures market.
Meanwhile, palm oil for December delivery climbed 1.9% to $814 a tonne on the Malaysia Derivatives Exchange.