Tracking a firming trend overseas, crude palm oil prices moved up by Rs 3 to Rs 486.40 per 10 kg in futures trade today.
The trading sentiment at home improved after palm oil advanced in overseas markets on concerns that hot weather in the US will impact soybean supply, boosting demand for the tropical commodity used in food and fuel.
Meanwhile, palm oil futures for November contract climbed by 1.1% to $1,020 a metric tonne on the Malaysia Derivatives Exchange.
At the Multi Commodity Exchange, crude palm oil for October delivery moved up by Rs 3, or 0.62%, to Rs 486.40 per 10 kg in business turnover of 47 lots.
September delivery edged up by Rs 2.30, or 0.47%, to Rs 489.70 per 10 kg in 67 lots.
Analysts said apart from a firming trend in overseas markets, fresh buying by speculators on the back of a pick-up in spot market demand, supported by the ongoing festive season, mainly pushed up crude palm oil futures prices.
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