Crude palm oil prices rose by Rs 4.60 to Rs 515.90 per 10 kg in futures trade today as speculators indulged in creating fresh positions on expectations of rise in spot demand amid low stocks.
Firming trend in the overseas markets also influenced the crude palm oil prices at futures market.
On the Multi Commodity exchange, crude palm oil for delivery in May gained Rs 4.60, or 0.89%, to Rs 515.90 per kg, with a business volume of 50 lots.
Similarly, the oil for delivery in June moved up by Rs 4.10, or 0.80%, to Rs 514 per 10 kg, with a business volume of 36 lots.
Crude palm oil for delivery is April too added Rs 3.50, or 0.68%, to Rs 516.90 per 10 kg, with an open interest of 88 lots.
Analysts said fresh buying by speculators on hopes of pick-up in demand in the spot market, mainly led to the rise in crude palm oil at futures market.
Also, restricted supply created paucity of stocks helping the uptrend in oil prices, they added.
