Crude palm oil prices moved up by Rs 5.70 to Rs 590 per 10 kg in futures trade today as speculators enlarged their positions on the back of firming trend at the spot market, amid firming global trend.
At the Multi Commodity exchange counter, crude palm oil for delivery in March moved up by Rs 5.70, or 0.98 per cent, to Rs 590 per 10 kg, with a open interest of just one lot.
Likewise, the oil for delivery in February gained Rs 5.30, or 0.91 per cent, to Rs 584.90 per 10 kg, with an open interest of just one lot.
Market analysts said increased buying by speculators on rising demand in the spot market led to the rise in crude palm oil at futures market.
They said firming trend in overseas market further supported the uptrend.
Meanwhile, palm oil futures for April-delivery futures rose 2.3 per cent to $1,280 a tonne in Kuala Lumpur.
