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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.
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.
