Crude palm oil rose by Rs 2.80 to Rs 500 per 10 kg in futures trade today after speculators created fresh positions, driven by a firm trend at the spot market on pick up in demand.
In addition, a firm trend in overseas also influenced the trading sentiment.
At the Multi Commodity Exchange, October crude palm oil rose by Rs 2.80, or 0.56% to Rs 500 per 10 kg in a business turnover of 168 lots.
The September contract moved up by Rs 2.60, or 0.52% to Rs 500 per 10 kg in 282 lots.
Market analysts said apart from a firm trend in overseas markets, a pick-up in spot market demand mainly pushed up crude palm oil futures prices.
Meanwhile, palm oil futures for the November-delivery contract advanced 0.9% to $1,017 per metric tonne on the Malaysia Derivatives Exchange.
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