Crude palm oil prices rose by 1.33 per cent to Rs 517 per 10 kg in futures trade today as participants built up fresh positions following uptick in demand in the spot market.
Besides, restricted supplies from producing belts and firm trend in the overseas market on reports of lower production and lower inventories in Malaysia and Indonesia too fuelled the uptrend.
At Multi Commodity Exchange, crude palm oil for delivery in April rose by Rs 6.80 or 1.33 per cent to Rs 517 per 10 kg in a business turnover of 536 lots.
Similarly, the oil for delivery in March gained Rs 6.10, or 1.20 per cent to Rs 511.90 per 10 kg in 459 lots.
Analysts said fresh positions built up by participants, supported by pick-up in demand in the spot market against restricted supplies from producing belts, mainly led to the rise in crude palm oil prices at futures trade.
