Crude palm oil futures rose further by Rs 5.80 to Rs 478.20 per 10 kg today as speculators created fresh positions on expectations of a rise in demand in the spot market. A firming trend overseas also influenced crude palm oil futures prices.
At the Multi Commodity Exchange, crude palm oil for July contract rose by Rs 5.80, or 1.22%, to Rs 478.20 per 10 kg, with a trading volume of 128 lots.
Similarly, oil for delivery in August and September increased by Rs 5.20, or 1.10% each, to Rs 476.60 and Rs 475.80, respectively, with trading volumes of 171 and 154 lots.
Analysts said fresh buying by speculators on hopes of pick up in demand in the spot market, mainly led to rise in crude palm oil at futures market.
In Malaysia, palm oil for September delivery climbed as much as 1.8% to $1,039 per tonne on the Malaysia Derivatives Exchange.
