Crude palm oil prices rose for the second straight day by adding Rs 3.90 to Rs 520.80 per 10 kg in futures trade today as speculators enlarged their positions on the back of a rising trend at spot markets.
A firming trend overseas also boosted the attractiveness of biofuels.
At the Multi Commodity Exchange, crude palm oil for delivery in May added Rs 3.90, or 0.75% to Rs 520.80 per 10 kg, with a business turnover of 17 lots.
Similarly, the oil for delivery in July edged up by Rs 2, or 0.39% to Rs 513.70 per 10 kg, with an open interest of two lots.
The oil prices for delivery in June moved up by Rs 1.50, or 0.29% to Rs 515.60 per 10 kg, with a business turnover of 22 lots.
Analysts said besides a firming trend in overseas markets, pick-up in spot market demand mainly pushed up crude palm oil futures prices.
In Malaysia, palm oil gained 1.1% to 3,275 ringgit ($1,096) per metric tonne, extending yesterday's gain of 1.4%.
