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Crude palm oil prices rose by 0.45% to Rs 557.70 per 10 kg in futures trading today as speculators indulged in creating fresh positions supported by pick up in demand in the spot market amid a firming trend overseas.
At the Multi Commodity Exchange, crude palm oil for delivery in January rose by Rs 2.50, or 0.45%, to Rs 557.70 per 10 kg in business turnover of 143 lots.
Likewise, the oil for delivery in December up by Rs 2.20, or 0.39%, to Rs 553.10 per 10 kg in 19 lots.
Analysts said speculators creating fresh positions driven by pick up in demand in the spot market and a firming trend in the global market mainly led to rise in crude palm oil prices at futures trade.
Globally, palm oil for delivery in March gained 1.30% to trade at over one week high of 2,617 ringgit ($795) a metric tonne on the Bursa Malaysian Derivatives as a decline in the Malaysian currency improved prospects for exports from the world's second-largest producer.
