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Crude palm oil rose by Rs 4.90 to Rs 501.70 per 10 kg in futures trade today as speculators created fresh positions amid indications of pick-up in demand in the spot market.
Firming trend in overseas markets also supported the uptrend.
On the Multi Commodity Exchange, crude palm oil for June delivery rose by Rs 4.90, or 0.98%, to Rs 501.70 per kg, with a trading volume of 70 lots.
Similarly, crude palm oil for delivery in July went up by Rs 3.30, or 0.66%, to Rs 501.80 per 10 kg with a business turnover of 141 lots.
Analysts said fresh positions created by speculators amid hopes of pick-up in demand in spot markets mainly led to a rise in crude palm oil prices at futures market.
They said a firming overseas trend as traders weighed speculation that a weaker currency may boost exports ahead of the festival season further fuelled the uptrend.
The oil climbed 0.40% to $779 a tonne on the Malaysia Derivatives Exchange.
