Buoyed by a firming global trend and a pick-up in demand in the domestic spot market, crude palm oil prices rose by Rs 2.20 to Rs 488.60 per 10 kg in futures trade today on increased buying by speculators.
The trading sentiment in palm oil futures improved after prices of the commodity advanced in global markets, gaining 2% to $1,033 per metric tonne on the Malaysia Derivatives Exchange.
At the Multi Commodity Exchange, September crude palm oil rose by Rs 2.20, or 0.45%, to Rs 488.60 per 10 kg, with a business turnover of 241 lots.
The October contract moved up by Rs 2.10, or 0.43%, to Rs 486.20 per 10 kg in 159 lots.
Marketmen said besides a firming global trend and a pick-up in demand in the spot market mainly pushed up crude palm oil futures prices.