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Crude palm oil rose further by Rs 3.20 to Rs 567.50 per 10 kg in futures trade today as speculators indulged in expanding positions amid a firming trend overseas and strong demand in the spot market.
At the Multi Commodity Exchange, crude palm oil for delivery in December rose by Rs 3.20, or 0.56%, to Rs 567.50 per 10 kg with a business turnover of 89 lots.
The oil for November delivery increased by Rs 2.40, or 0.42%, to Rs 567.30 per 10 kg, with trading volume of 194 lots.
The sentiment improved after the supplies from the overseas market reduced and strong demand also influenced prices, traders said.
Globally, in Malaysia, the contracts for delivery in January advanced 0.40% to 2,603 ringgit (USD 821) a metric tonne on the Bursa Malaysia Derivatives Exchange on speculation that output in top suppliers Indonesia and Malaysia will slow as the high-output cycle ends.
