 "Crude palm oil up by 1% on spot demand")
Crude palm oil futures today rose over 1% to Rs 497.40 per 10 kg as speculators created fresh positions on rising demand in spot market coupled with a firming trend overseas.
At the Multi Commodity Exchange, crude palm oil prices for August delivery rose by Rs 5.20, or 1.05%, to Rs 497.40 per 10 kg, with a trading volume of 153 lots.
Similarly, the oil prices for delivery in July moved up by Rs 4.20, or 0.84%, to Rs 498.70 per 10 kg, with a business turnover of 271 lots.
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Analysts said the rise in crude palm oil prices at futures trade was mostly attributed to fresh positions created by speculators on rising demand in spot market and a firming overseas trend.
Globally, palm oil advanced by 2% to $713 a tonne on the Malaysia Derivatives Exchange.