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Crude palm oil prices rose by 1.18% to Rs 504.90 per 10 kg in futures trade today as speculators created fresh positions on the back of rising demand in spot market demand amid firming trend overseas.
On the Multi Commodity Exchange, crude palm oil for July delivery rose by Rs 5.90, or 1.18%, to Rs 504.90 per 10 kg, with a trading volume of 87 lots.
Similarly, palm oil for delivery in August moved up by Rs 5, or 1%, to Rs 505.80 per 10 kg, with a business turnover of 63 lots.
Globally, in Malaysia, palm oil advanced as much as 1.20% to $750 a tonne on the Malaysia Derivatives Exchange.
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 demand and a firming trend overseas as exports from Malaysia, the world's second-largest producer, climbed.
